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Billionaire hedge fund investor Stanley Druckenmiller said in an interview on CNBC on Nov. 9 that he made his first Bitcoin purchase, adding to the number of famous investors who have changed their views on the asset.
- The founder and manager of the now closed Duquesne Capital acknowledged that Bitcoin had a lot of staying power, being attractive to younger investors
- According to him, Bitcoin has shown resilience since the 10 or so years it has existed, “and with each passing day picks up more of its stabilization as a brand”
- Druckenmiller said that he had a much larger position in gold, but that he had invested in Bitcoin because it could be a good bet
- He noted that if the gold bet works”, then Bitcoin would be better as it was “thinner, more illiquid and has a lot more beta to it”
- Several individuals and companies have changed their stance on Bitcoin in 2020, most notably Microstrategy, which invested $426 million into the asset
- Gemini exchange co-founder Tyler Winklevoss has said that a “tsunami of leaders” would begin joining the market in the coming months
- Banks have also changed their opinion of Bitcoin, with once prominent critic JPMorgan Chase now saying that Bitcoin could easily double or triple its value
