Billionaire and former hedge fund manager Stan Druckenmiller recently admitted that he has never owned Bitcoin and may have made a mistake in this regard.
“Obviously I don't have any Bitcoin, but I should have,” Druckenmiller said at an investor conference in New York on October 24.
Druckenmiller, the founder of Duquesne Capital, was chatting with fellow hedge fund manager Paul Tudor Jones during his speech. Druckenmiller expressed surprise at Bitcoin's popularity among the younger generation and acknowledged that Bitcoin is a store of value similar to gold.
The billionaire investor has been voicing his views on BTC since at least 2020, when he mentioned Bitcoin as an asset class. However, despite his positive outlook on BTC, he clarified that he prefers gold. “I am 70 years old, I have gold,” he said during the interview.
Druckenmiller's comments indicate a change in his stance since 2020, when he claimed to own some Bitcoin. His latest statements indicate that he must have liquidated his BTC position.
Druckenmiller acknowledged Bitcoin's appeal for young investors, although he prefers gold. “It's clear that young people are looking at it as a store of value because it's a lot easier to do things with, and for me it's a 14-year-old brand,” he said. But, he added, “I love gold because it's a 5,000-year-old brand.”
*This is not investment advice.