Billionaire investor Stanley Druckenmiller says he owns bitcoin as a 'sort of a plaything' - and millennials look at it the way he views gold
Stanley Druckenmillersaid he owns bitcoinas a "sort of a plaything" but he isn't sure if he believes in it.
- "It could be a new asset class. The answer is I don't know," he said in a
- Druckenmiller said younger millennials look at bitcoin the way he used to look at gold.
US billionaire Stanley
"I do own some of it," he said in a recent episode of Talks with Goldman Sachs. "It's gone up a lot since I bought it. It's just sort of a plaything. I don't really believe in it. I don't really not believe in it. It could be a new asset class. The answer is - I don't know."Bitcoin rose 13% to a record high on Monday after Tesla disclosed that it spent $1.5 billion to buy the popular cryptocurrency. The token was last trading around $43,725.51, smashing its previous all-time high near $41,000 set in January.
Although he was skeptical of it at first, he said bitcoin advocates have done an "unbelievable marketing job.""It's been around 13 years," he said. "And particularly, younger millennials look at it the way I've always looked at gold." Druckenmiller said he does doubt whether bitcoin can act as anything other than a store of value. He cited volatility, an immense amount of energy used in its generation, and other complex technical problems as shortcomings.
However, he has previously said that owning bitcoin is a good hedge against inflationary pressure.
- International Women’s Day: Take a look at some of the finest achievements by Indian women
- Women in Leadership: Past, Present & Future
- Top stocks to watch out for on March 8
- Karnataka budget 2021-22 to be presented on March 8
- Delhi Budget likely to have special allocation for free COVID vaccination at govt hospitals: Sources