- Druckenmiller would remain outside the crypto market
- He said that he would not be short or long Bitcoin
The billionaire investor Stanley Druckenmiller said during a recent interview that he is not interested in entering the cryptocurrency market. The American investor has a net worth of $4.4 billion. He said that during a conversation with Bloomberg.
Investor Says He Would Not Long or Short Bitcoin
During a conversation with Scot Bessent, the founder of Key Square Capital Management, the billionaire investor said that he would not be interested in investing in Bitcoin (BTC). He said that he was attacked several times for his decision not to invest in the market.
Druckenmiller explained that he would not short or long the digital currency since he does not understand why the virtual currency has inherent value. There are other investors in the traditional financial industry that are also taking similar positions as Mr. Druckenmiller.
Although Druckenmiller is not trying to invest in Bitcoin, he has already placed his funds on the stablecoin project called Basis. Apparently, price volatility is something that the investor does not like and this might be the reason why he decided to invest in this stablecoin project.
During an interview with CNBC in 2018, he said that he knew that people would not be able to make transactions using Bitcoin because the price of the digital asset fluctuates a lot to be used as a means of payment.
Although Bitcoin has recently dropped more than $600, the digital currency has experienced a very positive year after increasing more than 140% during the first months of 2019.