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- Stanley Druckermiller said he owned Bitcoin as “some kind of toy” but wasn’t sure he believed it.
- “It could be a new asset class. The answer is, I don’t know,” he said on a Goldman Sachs webcast.
- Druckermiller said younger millennials view Bitcoin the way they used to view gold.
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US billionaire Stanley Druckermiller says he owns Bitcoin and it could well be a new asset class.
“I own some of it,” he said in a recent interview with Goldman Sachs. “It’s gone up a lot since I bought it. It’s just a kind of toy. I don’t really believe in it. I don’t really 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 announced it had spent $ 1.5 billion buying the popular cryptocurrency. The token was last traded at $ 43,725.51, beating its previous all-time high of close to $ 41,000 in January.
According to analysts at Wedbush, the Tesla purchase is expected to create a ripple effect among companies around the world and get the stock going as more investors add crypto exposure as part of the overall valuation.
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Druckmiller, chairman of the Duquesne Family Office, said he doesn’t think Bitcoin would trade as high as it is if the central bank didn’t pump record amounts into the economy to stop the collapse.
Though he was skeptical at first, he said that Bitcoin proponents did an “incredible marketing job”.
“It’s been about 13 years,” he said. “And especially younger millennials see it the way I’ve always seen gold.”
Druckmiller said he doubts Bitcoin can be anything other than a store of value. He named volatility, immense energy consumption and other complex technical problems as defects.
However, he has previously said that owning Bitcoin is a good hedge against inflationary pressures.
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