Billionaire reverses his negative stance on cryptocurrency and start to buy bitcoins.
Billionaire Stan Druckenmiller says that he has purchased bitcoins.
He believes that the investment will perform better than gold.
Druckenmiller is among the 400 wealthiest investors.
Stan Druckenmiller, a billionaire hedge fund investor, has invested in bitcoins, according to a recent interview.
Druckenmiller endorsed bitcoins by stating that the cryptocurrency "has a lot of attraction as a store of value to both millennials and the new West Coast line." He added that bitcoin has existed for 13 years and that it builds on its brand every day.
Though his investment in gold remains several times larger than his bitcoin holdings, his bitcoin investment may perform better, said Druckenmiller. "It is thinner, more illiquid, and has a lot more beta [risk-return potential]," he explained during the interview.
In June 2019, Druckenmiller previously stated that he would not purchase bitcoin—meaning today’s statement represents a complete shift in his stance. According to Bloomberg’s billionaire list, Druckenmiller is among the world’s 400 wealthiest investors, with a net worth of $5.83 billion.
He joins several other private investors that have invested in cryptocurrency in recent years, including Jack Dorsey, Elon Musk, Tim Draper, Mark Cuban, and Paul Tudor Jones.
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