A fireside discussion with Paul Tudor Jones recently included investor Stanley Druckenmiller discussing his views on bitcoin. The 70-year-old investor acknowledged that, although he thinks he ought to, he does not now hold any bitcoin. According to Druckenmiller, the primary distinction between bitcoin and gold is how old they are. Although he owns gold because of its 5,000-year history, he said that younger generations see bitcoin as a store of wealth since it is more user-friendly.
Druckenmiller has expressed support for cryptocurrencies like bitcoin in the past. He told CNBC in September of last year that he had given up on Bitcoin because of the tightening of central banks. He did, however, admit to becoming a bitcoin owner in 2021 and said that, should central banks keep tightening its regulations, cryptocurrencies would be very important in a financial Renaissance.
The investor has previously made a comparison between Bitcoin and gold, saying that younger people see bitcoin similarly to how he does gold. In a conference interview with Goldman Sachs a few years back, he expressed reservations about bitcoin’s potential as a currency and called it a “plaything.” Druckenmiller did concede, though, that bitcoin is now regarded as an asset class.