Renowned billionaire investor Stan Druckenmiller made a surprising admission during a fireside chat at an investors conference in New York City on October 24. The former hedge fund manager, who established Duquesne Capital, confessed that he does not own any bitcoin and recognized that this might have been a mistake.
To be candid, Druckenmiller stated, “I don’t own any Bitcoin, but I should.” This revelation came as he engaged in a conversation with fellow hedge fund manager Paul Tudor Jones.
Interestingly, Druckenmiller has a history of expressing his views on Bitcoin. As early as 2020, he began classifying Bitcoin as an asset class and likened it to gold as a store of value. In that same year, he even disclosed his ownership of some bitcoin. However, based on his recent comments, it appears that he has since liquidated his position in the cryptocurrency.
During the discussion, Druckenmiller emphasized the appeal of Bitcoin among the younger generation and compared it to gold, referring to both as established “brands.” He acknowledged the cryptocurrency’s popularity but made it clear that he prefers gold as an asset. In his words, “I’m 70 years old, I own gold… I like gold because it’s a 5,000-year-old brand.”
Notably, Bitcoin’s dominance in the cryptocurrency market recently reached a multi-year high, accounting for 51.5% of the entire sector, as reported by The Block’s data dashboard. This marked the highest level since April 2021. The surge in bitcoin’s price to approximately $35,000 in the previous week was attributed to expectations that spot bitcoin ETFs may soon become available to investors looking to speculate on the asset’s price without the need to own it.