Billionaire Hedge Fund Investor Stanley Druckenmiller Says He Owns Bitcoin In CNBC Interview
Billionaire U.S. investor Stanley Druckenmiller, who just weeks ago was said to be shorting the dollar, is long on bitcoin. Billionaire Hedge Fund Investor Stanley Druckenmiller Says He Owns Bitcoin In CNBC Interview
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 3-4 year decline in the dollar. Just weeks ago, a Bloomberg report revealed Druckenmiller was betting against the dollar.
Why Billionaires Are Suddenly Accumulating Bitcoin After 113% YTD Gain
Billionaires have been increasingly accumulating Bitcoin in recent months as four main factors are making BTC increasingly attractive to money managers.
Billionaires have been increasingly accumulating Bitcoin (BTC) in recent months. Following Paul Tudor Jones’ lead, hedge fund manager Stanley Druckenmiller became the latest billionaire to publicly disclose his Bitcoin investment.
There are four main reasons Bitcoin is becoming more compelling to high-net-worth investors. The reasons are Bitcoin’s effectiveness as a portfolio diversifier, inflation hedge, gold alternative and large risk-reward potential.
Investors Increasingly Viewing Bitcoin As “Gold 2.0”
Gold is an important store of value and a safe-haven asset for institutional investors. It serves as a hedge against inflation and as a hedge against a potential market downside.
Investors consider gold as more of a method of insurance to protect a portfolio from market corrections and macro uncertainty. As such, safe-haven assets typically do not return large gains in the short to medium term.
Bitcoin has the potential to achieve both, as it is evolving into a safe-haven asset with massive growth potential.
Gold’s market capitalization is estimated to be around $9 trillion. In contrast, Bitcoin is valued at $285 billion, leaving a large gap between the two assets’ valuations.
In an interview with CNBC on Nov. 9, Druckenmiller emphasized that the brand of Bitcoin as a store of value only improves as time passes. He said:
“Bitcoin could be an asset class that has a lot of attraction as a store of value to both millennials and the new West Coast money — and, as you know, they got a lot of it. It’s been around for 13 years and with each passing day it picks up more of its stabilization as a brand.”
Large Risk-To-Reward Potential
During his interview, Druckenmiller noted that he owns “many many more times gold” than Bitcoin. But the billionaire investor emphasized that if gold rises, Bitcoin would also see massive gains and “probably work better.”
Compared to gold, the dominant cryptocurrency is “thinner” and “more illiquid,” the investor said. Hence, there is larger upside potential, even if Bitcoin composes of a smaller percentage of a portfolio than gold.
Bitcoin also goes through a block reward halving every four years. Since the cryptocurrency has a fixed supply of 21 million, the rate at which BTC is mined daily reduces by 50% after each halving.
If the supply of Bitcoin declines but the demand for it increases, it could cause a supply squeeze in the long term, resulting in higher prices.
The price of Bitcoin is often inversely correlated with the U.S. dollar index. Like gold, when the dollar drops, BTC tends to increase.
Over the long term, investors including Tudor Jones consider Bitcoin as an ideal inflation play. Particularly after the Federal Reserve introduced the average 2% inflation target strategy, BTC has become more attractive to institutions hedging against inflation.
Bitcoin does not have to be a singled-out investment. It has historically performed well as a portfolio asset, returning decent gains to a balanced stock-based portfolio. Last month, Dan Tapiero, the co-founder of 10T Holdings, wrote:
“Only 3% BTC position in past 5yrs would have increased performance of a 60/40 portfolio from 6.8% to 10.2%.”
The combination of the abovementioned four factors are making Bitcoin an increasingly attractive portfolio asset for money managers.
Raoul Pal, the CEO of Real Vision Group, further noted that investors like Druckenmiller longing Bitcoin should not be understated in what may be a watershed moment. He said:
“The significance of the worlds greatest and most respected money manager Stan Druckenmiller saying just now that he is long bitcoin can not be overstated. That has removed every obstacle for any hedge fund or endowment to invest.”
What We’re Getting Wrong About Druckenmiller And Bitcoin
The chorus is getting louder.
Adding his sonorous voice to the chorus of renowned investors talking about bitcoin (BTC, +0.55%) recently, hedge fund manager Stanley Druckenmiller stated on a CNBC interview this week that he believed bitcoin could perform better than gold.
Here’s Part Of The Quote:
“I own many, many more times gold than I own bitcoin, but frankly if the gold bet works, the bitcoin bet will probably work better because it’s thinner and more illiquid and has a lot more beta to it.“
This is worth diving into a bit, because the statement is good news for the industry, but it is not the bullish affirmation that it initially seems.
This is not Druckenmiller saying that bitcoin has a better value proposition than gold, or that it has a harder cap or that decentralization is the way to go.
No, this is Druckenmiller saying that bitcoin has more upside because of its market inefficiencies. Let that sink in: The very characteristics that many investors have cited as barriers to investment are what a renowned investor believes will award bitcoin a better performance.
These three factors are all interrelated, dependent perhaps, but they’re not the same.
So, why bitcoin?
It sounds like Druckenmiller doesn’t see bitcoin as a portfolio hedge, unlike many other investors. It sounds like he sees it more as a directional play.
Such an experienced investor no doubt has a well-calibrated portfolio with diversified risk. He has made a compelling case for increased inflation, and implies he has a substantial gold position, presumably as a hedge against currency debasement.
Bitcoin, however, seems to be a side bet. He has a “tiny amount” which he expects to outperform gold if gold does well, because of its market inefficiencies. It’s almost as if his investment in bitcoin is similar to a position in an emerging market – higher risk, but potentially higher return.
But his conviction in bitcoin’s upside feels muted. He even chides Kelly Evans, the CNBC interviewer:“You overstated in your introduction my enthusiasm for bitcoin.”
Rather than say he sees bitcoin as a good store of value, he says that he realizes it could be seen as a good store of value by certain demographics (millennials and Silicon Valley types), implying recognition that they have enough market clout to influence prices. This suggests that he is playing the narrative, rather than believing in the thesis.
But here’s the good news for crypto markets: One of fund management’s best-known names, a self-professed “dinosaur,” recognizes that bitcoin is an “asset class” with a potentially strong investment case for some investor groups.
This is a worthy validation. It will encourage other investors to at least do their homework. And it removes career risk for any analyst, adviser or fund manager wishing to present a bitcoin investment case to their colleagues and clients.
Crypto enthusiasts are quick to latch onto any piece of good news as proof that the world is finally seeing the potential. This confirmation bias endemic to our industry led to headlines proclaiming that Druckenmiller said that bitcoin was “better than” gold (he didn’t), that he had “flipped to” bitcoin (far from the truth), that he had become a bitcoin bull (he hasn’t), that he thought that bitcoin was “the best asset” (I doubt that very much).
And while the attention from media is positive, we do ourselves a disservice when we lose perspective. This was not a full-throated endorsement of bitcoin’s superior investment qualities. It was, however, a validation of cryptocurrency as an asset class worth learning more about, as well as a reminder that higher risk can bring higher returns in the right circumstances.
It wasn’t so much an embrace as it was a sideways glance with a nod of recognition. For status and confidence, however, that can be more than enough.
Druckenmiller: Ethereum Is ‘Myspace Before Facebook’ While Bitcoin Won As ‘Google’
Those with skin in the game are reiterating that comparing Bitcoin to Ethereum is a pointless and potentially costly exercise.
Bitcoin (BTC) is at risk of a “flippening” from Ether (ETH), mainstream media claims as some familiar FUD — fear, uncertainty and doubt —returns to the spotlight.
As BTC/USD continues to flag below $40,000, an old argument has resurfaced — but major investors are fighting back.
Bloomberg: ETH “will likely exceed Bitcoin”
In an article on May 31, Bloomberg cited multiple sources claiming that in the future, Ether will overtake Bitcoin as the world’s cryptocurrency of choice.
The largest altcoin “will likely exceed Bitcoin at some point in the future, as Ethereum will be superior when it comes to innovation and developer interest,” Tegan Kline, co-founder of Blockchain firm Edge & Node, told the publication.
Another executive added that Ethereum has a “better growth story.”
The argument is far from new and has appeared regularly throughout Ethereum’s existence. The Ethereum network’s recent major upgrade has kept its profile afloat, and ETH has outperformed Bitcoin over the past year and formed the backbone of the decentralized finance (DeFi) phenomenon.
ETH/BTC, long on a losing streak, reached its highest exchange rate in three years earlier this month.
ETH has also managed to preserve more of its price gains than Bitcoin in recent days. As Cointelegraph reported, a key moving average remains intact for ETH/USD, while BTC/USD has failed to recapture “lines in the sand.”
Druckenmiller Compares Ethereum To MySpace
For all its impressive performance, however, claiming that Ethereum will replace Bitcoin at the top is nonsensical, many argue — and not only staunch Bitcoin supporters.
In an interview with The Hustle last week, billionaire investor Stanley Druckenmiller became the latest non-technical figure to cast aside doubts about Bitcoin’s staying power.
“I think BTC has won the store of value game because it’s a brand, it’s been around for 13-14 years and it has a finite supply,” he said.
“Is it going to be gold? I don’t know. It’s sure as hell doing a good imitation of it the last year or two.”
For Druckenmiller, Ethereum is to Bitcoin what MySpace is to Google.
“I’m a little more skeptical of whether it can hold its position. It reminds me a little of MySpace before Facebook,” he continued.
“Or maybe a better analogy is Yahoo before Google came along. Google wasn’t that much faster than Yahoo, but it didn’t need to be. All it needed to be was a little bit faster and the rest is history.”
Others have long pointed out that technically, Bitcoin and Ethereum have little in common. Bitcoin’s finite supply and years of resistance to attacks place it in a different league than any other cryptocurrency, and comparing another one to it is an apples-to-oranges comparison.
“I generally think all the other digital currencies don’t really compete with Bitcoin and are in no way similar to Bitcoin,” Saifedean Ammous, author of The Bitcoin Standard, famously told the Unchained Podcast in August 2017.
“I think their real competition is, if I’m generous, I’ll say Amazon Web Services and these kinds of platforms.”
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Bank Of England Governor: Libra-Like Currency Could Replace US Dollar (#GotBitcoin?)
Binance Reveals ‘Venus’ — Its Own Project To Rival Facebook’s Libra (#GotBitcoin?)
The Real Benefits Of Blockchain Are Here. They’re Being Ignored (#GotBitcoin?)
CommBank Develops Blockchain Market To Boost Biodiversity (#GotBitcoin?)
SEC Approves Blockchain Tech Startup Securitize To Record Stock Transfers (#GotBitcoin?)
SegWit Creator Introduces New Language For Bitcoin Smart Contracts (#GotBitcoin?)
You Can Now Earn Bitcoin Rewards For Postmates Purchases (#GotBitcoin?)
Bitcoin Price ‘Will Struggle’ In Big Financial Crisis, Says Investor (#GotBitcoin?)
Fidelity Charitable Received Over $100M In Crypto Donations Since 2015 (#GotBitcoin?)
Would Blockchain Better Protect User Data Than FaceApp? Experts Answer (#GotBitcoin?)
Just The Existence Of Bitcoin Impacts Monetary Policy (#GotBitcoin?)
What Are The Biggest Alleged Crypto Heists And How Much Was Stolen? (#GotBitcoin?)
IRS To Cryptocurrency Owners: Come Clean, Or Else!
Coinbase Accidentally Saves Unencrypted Passwords Of 3,420 Customers (#GotBitcoin?)
Bitcoin Is A ‘Chaos Hedge, Or Schmuck Insurance‘ (#GotBitcoin?)
Bakkt Announces September 23 Launch Of Futures And Custody
Coinbase CEO: Institutions Depositing $200-400M Into Crypto Per Week (#GotBitcoin?)
Researchers Find Monero Mining Malware That Hides From Task Manager (#GotBitcoin?)
Crypto Dusting Attack Affects Nearly 300,000 Addresses (#GotBitcoin?)
A Case For Bitcoin As Recession Hedge In A Diversified Investment Portfolio (#GotBitcoin?)
SEC Guidance Gives Ammo To Lawsuit Claiming XRP Is Unregistered Security (#GotBitcoin?)
15 Countries To Develop Crypto Transaction Tracking System: Report (#GotBitcoin?)
US Department Of Commerce Offering 6-Figure Salary To Crypto Expert (#GotBitcoin?)
Mastercard Is Building A Team To Develop Crypto, Wallet Projects (#GotBitcoin?)
Canadian Bitcoin Educator Scams The Scammer And Donates Proceeds (#GotBitcoin?)
Amazon Wants To Build A Blockchain For Ads, New Job Listing Shows (#GotBitcoin?)
Shield Bitcoin Wallets From Theft Via Time Delay (#GotBitcoin?)
Blockstream Launches Bitcoin Mining Farm With Fidelity As Early Customer (#GotBitcoin?)
Commerzbank Tests Blockchain Machine To Machine Payments With Daimler (#GotBitcoin?)
Bitcoin’s Historical Returns Look Very Attractive As Online Banks Lower Payouts On Savings Accounts (#GotBitcoin?)
Man Takes Bitcoin Miner Seller To Tribunal Over Electricity Bill And Wins (#GotBitcoin?)
Bitcoin’s Computing Power Sets Record As Over 100K New Miners Go Online (#GotBitcoin?)
Walmart Coin And Libra Perform Major Public Relations For Bitcoin (#GotBitcoin?)
Judge Says Buying Bitcoin Via Credit Card Not Necessarily A Cash Advance (#GotBitcoin?)
Poll: If You’re A Stockowner Or Crypto-Currency Holder. What Will You Do When The Recession Comes?
1 In 5 Crypto Holders Are Women, New Report Reveals (#GotBitcoin?)
Beating Bakkt, Ledgerx Is First To Launch ‘Physical’ Bitcoin Futures In Us (#GotBitcoin?)
Facebook Warns Investors That Libra Stablecoin May Never Launch (#GotBitcoin?)
Government Money Printing Is ‘Rocket Fuel’ For Bitcoin (#GotBitcoin?)
Bitcoin-Friendly Square Cash App Stock Price Up 56% In 2019 (#GotBitcoin?)
Safeway Shoppers Can Now Get Bitcoin Back As Change At 894 US Stores (#GotBitcoin?)
TD Ameritrade CEO: There’s ‘Heightened Interest Again’ With Bitcoin (#GotBitcoin?)
Venezuela Sets New Bitcoin Volume Record Thanks To 10,000,000% Inflation (#GotBitcoin?)
Newegg Adds Bitcoin Payment Option To 73 More Countries (#GotBitcoin?)
China’s Schizophrenic Relationship With Bitcoin (#GotBitcoin?)
More Companies Build Products Around Crypto Hardware Wallets (#GotBitcoin?)
Bakkt Is Scheduled To Start Testing Its Bitcoin Futures Contracts Today (#GotBitcoin?)
Bitcoin Network Now 8 Times More Powerful Than It Was At $20K Price (#GotBitcoin?)
Crypto Exchange BitMEX Under Investigation By CFTC: Bloomberg (#GotBitcoin?)
“Bitcoin An ‘Unstoppable Force,” Says US Congressman At Crypto Hearing (#GotBitcoin?)
Bitcoin Network Is Moving $3 Billion Daily, Up 210% Since April (#GotBitcoin?)
Cryptocurrency Startups Get Partial Green Light From Washington
Fundstrat’s Tom Lee: Bitcoin Pullback Is Healthy, Fewer Searches Аre Good (#GotBitcoin?)
Bitcoin Lightning Nodes Are Snatching Funds From Bad Actors (#GotBitcoin?)
The Provident Bank Now Offers Deposit Services For Crypto-Related Entities (#GotBitcoin?)
Bitcoin Could Help Stop News Censorship From Space (#GotBitcoin?)
US Sanctions On Iran Crypto Mining — Inevitable Or Impossible? (#GotBitcoin?)
US Lawmaker Reintroduces ‘Safe Harbor’ Crypto Tax Bill In Congress (#GotBitcoin?)
EU Central Bank Won’t Add Bitcoin To Reserves — Says It’s Not A Currency (#GotBitcoin?)
The Miami Dolphins Now Accept Bitcoin And Litecoin Crypt-Currency Payments (#GotBitcoin?)
Trump Bashes Bitcoin And Alt-Right Is Mad As Hell (#GotBitcoin?)
Goldman Sachs Ramps Up Development Of New Secret Crypto Project (#GotBitcoin?)
Blockchain And AI Bond, Explained (#GotBitcoin?)
Grayscale Bitcoin Trust Outperformed Indexes In First Half Of 2019 (#GotBitcoin?)
XRP Is The Worst Performing Major Crypto Of 2019 (GotBitcoin?)
Bitcoin Back Near $12K As BTC Shorters Lose $44 Million In One Morning (#GotBitcoin?)
As Deutsche Bank Axes 18K Jobs, Bitcoin Offers A ‘Plan ฿”: VanEck Exec (#GotBitcoin?)
Argentina Drives Global LocalBitcoins Volume To Highest Since November (#GotBitcoin?)
‘I Would Buy’ Bitcoin If Growth Continues — Investment Legend Mobius (#GotBitcoin?)
Lawmakers Push For New Bitcoin Rules (#GotBitcoin?)
Facebook’s Libra Is Bad For African Americans (#GotBitcoin?)
Crypto Firm Charity Announces Alliance To Support Feminine Health (#GotBitcoin?)
Canadian Startup Wants To Upgrade Millions Of ATMs To Sell Bitcoin (#GotBitcoin?)
Trump Says US ‘Should Match’ China’s Money Printing Game (#GotBitcoin?)
Casa Launches Lightning Node Mobile App For Bitcoin Newbies (#GotBitcoin?)
Bitcoin Rally Fuels Market In Crypto Derivatives (#GotBitcoin?)
World’s First Zero-Fiat ‘Bitcoin Bond’ Now Available On Bloomberg Terminal (#GotBitcoin?)
Buying Bitcoin Has Been Profitable 98.2% Of The Days Since Creation (#GotBitcoin?)
Another Crypto Exchange Receives License For Crypto Futures
From ‘Ponzi’ To ‘We’re Working On It’ — BIS Chief Reverses Stance On Crypto (#GotBitcoin?)
These Are The Cities Googling ‘Bitcoin’ As Interest Hits 17-Month High (#GotBitcoin?)
Venezuelan Explains How Bitcoin Saves His Family (#GotBitcoin?)
Quantum Computing Vs. Blockchain: Impact On Cryptography
This Fund Is Riding Bitcoin To Top (#GotBitcoin?)
Bitcoin’s Surge Leaves Smaller Digital Currencies In The Dust (#GotBitcoin?)
Bitcoin Exchange Hits $1 Trillion In Trading Volume (#GotBitcoin?)
Bitcoin Breaks $200 Billion Market Cap For The First Time In 17 Months (#GotBitcoin?)
You Can Now Make State Tax Payments In Bitcoin (#GotBitcoin?)
Religious Organizations Make Ideal Places To Mine Bitcoin (#GotBitcoin?)
Goldman Sacs And JP Morgan Chase Finally Concede To Crypto-Currencies (#GotBitcoin?)
Bitcoin Heading For Fifth Month Of Gains Despite Price Correction (#GotBitcoin?)
Breez Reveals Lightning-Powered Bitcoin Payments App For IPhone (#GotBitcoin?)
Big Four Auditing Firm PwC Releases Cryptocurrency Auditing Software (#GotBitcoin?)
Amazon-Owned Twitch Quietly Brings Back Bitcoin Payments (#GotBitcoin?)
JPMorgan Will Pilot ‘JPM Coin’ Stablecoin By End Of 2019: Report (#GotBitcoin?)
Is There A Big Short In Bitcoin? (#GotBitcoin?)
Coinbase Hit With Outage As Bitcoin Price Drops $1.8K In 15 Minutes
Samourai Wallet Releases Privacy-Enhancing CoinJoin Feature (#GotBitcoin?)
There Are Now More Than 5,000 Bitcoin ATMs Around The World (#GotBitcoin?)
You Can Now Get Bitcoin Rewards When Booking At Hotels.Com (#GotBitcoin?)
North America’s Largest Solar Bitcoin Mining Farm Coming To California (#GotBitcoin?)
Bitcoin On Track For Best Second Quarter Price Gain On Record (#GotBitcoin?)
Bitcoin Hash Rate Climbs To New Record High Boosting Network Security (#GotBitcoin?)
Bitcoin Exceeds 1Million Active Addresses While Coinbase Custodies $1.3B In Assets
Why Bitcoin’s Price Suddenly Surged Back $5K (#GotBitcoin?)
Bitcoin’s Lightning Comes To Apple Smartwatches With New App (#GotBitcoin?)
E-Trade To Offer Crypto Trading (#GotBitcoin)
US Rapper Lil Pump Starts Accepting Bitcoin Via Lightning Network On Merchandise Store (#GotBitcoin?)
Bitfinex Used Tether Reserves To Mask Missing $850 Million, Probe Finds (#GotBitcoin?)
21-Year-Old Jailed For 10 Years After Stealing $7.5M In Crypto By Hacking Cell Phones (#GotBitcoin?)
You Can Now Shop With Bitcoin On Amazon Using Lightning (#GotBitcoin?)
Afghanistan, Tunisia To Issue Sovereign Bonds In Bitcoin, Bright Future Ahead (#GotBitcoin?)
Crypto Faithful Say Blockchain Can Remake Securities Market Machinery (#GotBitcoin?)
Disney In Talks To Acquire The Owner Of Crypto Exchanges Bitstamp And Korbit (#GotBitcoin?)
Crypto Exchange Gemini Rolls Out Native Wallet Support For SegWit Bitcoin Addresses (#GotBitcoin?)
Binance Delists Bitcoin SV, CEO Calls Craig Wright A ‘Fraud’ (#GotBitcoin?)
Bitcoin Outperforms Nasdaq 100, S&P 500, Grows Whopping 37% In 2019 (#GotBitcoin?)
Bitcoin Passes A Milestone 400 Million Transactions (#GotBitcoin?)
Future Returns: Why Investors May Want To Consider Bitcoin Now (#GotBitcoin?)
Next Bitcoin Core Release To Finally Connect Hardware Wallets To Full Nodes (#GotBitcoin?)
Major Crypto-Currency Exchanges Use Lloyd’s Of London, A Registered Insurance Broker (#GotBitcoin?)
How Bitcoin Can Prevent Fraud And Chargebacks (#GotBitcoin?)
Why Bitcoin’s Price Suddenly Surged Back $5K (#GotBitcoin?)
Zebpay Becomes First Exchange To Add Lightning Payments For All Users (#GotBitcoin?)
Coinbase’s New Customer Incentive: Interest Payments, With A Crypto Twist (#GotBitcoin?)
The Best Bitcoin Debit (Cashback) Cards Of 2019 (#GotBitcoin?)
Real Estate Brokerages Now Accepting Bitcoin (#GotBitcoin?)
Ernst & Young Introduces Tax Tool For Reporting Cryptocurrencies (#GotBitcoin?)
How Will Bitcoin Behave During A Recession? (#GotBitcoin?)
Investors Run Out of Options As Bitcoin, Stocks, Bonds, Oil Cave To Recession Fears (#GotBitcoin?)
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