Stanley Druckenmiller, a Billionaire Hedge fund Investor in the United States recently declared doubts about the United States Dollar suggesting that its value will go down compared to other currencies. He went on to laud Bitcoin, noting that its value will continue to increase.
He also revealed via CNBC on Monday the 9th of November, 2020 that he holds (BTC, -0.12%), and uses it as a store of wealth. This way this Billionaire Hedge fund investor is the “latest high-profile, ultra-high net worth investor to get in on the benchmark digital currency.”
Druckenmiller projected that Bitcoin will scale big time and yield more than gold although his investment in gold, God’s money, is “many many more times” greater than his bitcoin investment.
He noted that:
“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.”
This Billionaire Hedge Fund investor also explained that he is forecasting a 3-4 year plunge in the dollar. According to a Bloomberg statement, it was disclosed that some weeks past, Druckenmiller was shorting on the dollar, projecting a period that it will take a downward toll.