x
On 9th November, billionaire investor Stanley Druckenmiller sets the crypto world abuzz with his endorsement of Bitcoin.
Druckenmiller highlighted the growing stabilization in the BTC market in a just-concluded CNBC appearance since the digital asset was launched 13 years ago, explaining that the asset class was picking up more branding value each day.
He noted that the digital asset has plenty of attraction as a store of value to not just millennials but also the “West Coast tech-types.” Today’s Bitcoin validation from an ultra-high net worth investor is truly a game-changer for crypto investors.
“Frankly if the gold bet works the bitcoin bet will probably work better because it’s thinner, more illiquid and has a lot more beta to it,” Druckenmiller asserted.
Druckenmiller joins Paul Tudor Jones, Jack Dorsey, Michael Saylor, among other billionaires bullish on the benchmark digital currency.
Bitcoin evangelist Raoul Pal took to Twitter to voice his opinion on Stan Druckenmiller’s decision to go long on Bitcoin. He referred to Druckenmiller as the world’s most outstanding money manager, adding that the billionaire had removed every obstacle for any hedge fund or endowment to invest in the digital asset class.
As we reported, Galaxy Digital CEO Mike Novogratz also promoted BTC when he won a bet with a Twitter user named Stoney Bitson on the US election. The renowned billionaire investor plans to give away the 0.5 BTC that he won in a bet to a ‘young Bitcoiners”.
The US Fed continues to roll out more stimulus as the Covid-19 pandemic takes its toll, and JP Morgan analysts are convinced that investors will increasingly choose Bitcoin over gold.
Indeed, a recent Bloomberg report revealed Druckenmiller was betting against the US dollar amid massive money printing from the world’s central banks.
By by Wayne Jones.
P.S. Want to get in the action? Click Here
