Billionaire Hedge Fund Investor Druckenmiller Says He Owns Bitcoin in CNBC Interview

The Wall Street legend still owns far more gold, but said if gold does well, bitcoin will do better.

AccessTimeIconNov 9, 2020 at 7:20 p.m. UTC
Updated Sep 14, 2021 at 10:28 a.m. UTC

Billionaire U.S. investor Stanley Druckenmiller, who just weeks ago was said to be shorting the dollar, is long on bitcoin.

  • Druckenmiller said on CNBC Monday he owns bitcoin, becoming the latest high-profile, ultra high-net-worth investor to get in on the benchmark digital currency.
  • Though he said his gold position is "many, many more times" larger than his bitcoin allocation, Druckenmiller predicted his bitcoin would outperform.
  • "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."
  • "It has a lot of attraction as a store of value to both millennials and the new West Coast money and, as you know, they have a lot of it."
  • Druckenmiller also said he's anticipating a three- to four-year decline in the dollar. Just weeks ago, a Bloomberg report revealed Druckenmiller was betting against the dollar.

Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
First Mover Asia: Bitcoin Holds Above $21K in Weekend Trading; Solana Web3 Phone Faces Long Odds

Ether stays over $1,200; prior blockchain phones have failed because the market has realized their functionalities are already available via apps that can be loaded onto any old phone.

CoinDesk - Unknown
2
CoinDesk - Unknown
Opaque Platforms and Intertwined Protocols Pose Big Risk to Crypto

Second article in a series about risks we’re thinking about during these crypto down days.

CoinDesk - Unknown
3
CoinDesk - Unknown
Putin Weaponizes Inflation

Examining a recent propaganda speech from the Russian leader.

CoinDesk - Unknown
4
CoinDesk - Unknown
Morgan Creek Is Trying to Counter FTX’s BlockFi Bailout, Leaked Call Shows

FTX’s $250 million credit facility offer – if inked as initially proposed – stood to effectively wipe out all BlockFi shareholders, including Morgan Creek Digital, the firm told its investors.

CoinDesk - Unknown