Billionaire Investor Stan Druckenmiller Still Doesn’t Believe in Bitcoin’s Potential
- Since 2016, Druckenmiller has repeatedly expressed his skepticism over Bitcoin’s potential as a viable, long term store-of-value (SOV).
- The billionaire has also stated in the past that the flagship crypto asset cannot serve as an effective medium of exchange since it suffers from a number of volatility based issues.
- As per an all-new interview with Stan Druckenmiller, the billionaire investor claims that he still isn't convinced about Bitcoin’s future financial potential and that the premier cryptocoin can be used as an efficient SOV (Store of Value).
In regards to the matter, Stan was quoted as saying:
I don’t think I’m a neanderthal, which is what I’ve been called when I’ve said I didn’t want to own Bitcoin.
- Over the past couple of months, Druckenmiller has been piling into US treasuries even though Bitcoin has been performing exceedingly well during the same timeframe.
- After President Donald Trump increased Chinese tariff rates recently (from 10% to around 25%), Bitcoin’s value surged by more than 25% (over the next ten days). To be abit more specific, we can see that after the tariff hike was announced on May 5, a little more than USD $5 Billion flowed into the crypto market within a short period of time.
- Experts believe that Trump’s latest move could force the Federal Reserve to cut its existing interest rates.
Druckenmiller believes that owing to President Trump’s recent financial moves, he may not be able to get re-elected in 2020. Only time will now tell what the future has in store for the crypto market.