Billionaire investor Stanley Drakenmiller said he too is a bitcoin holder.
"Bitcoin can be an attractive asset class from a position of savings for both millennials and west coast money"," he said in a conversation with CNBC thisMonday.
In an interview, Drakenmiller focused on stabilizing the bitcoin market and compared cryptocurrency investments to investments in gold:
"I have many times more gold than bitcoins, but the truth is, if the gold bet works, the bet on bitcoin may workbetter because it is thinner and more illiquid, and much more sensitive about the movements of the rest of the market.It's been around for 13 years and every passing day takes inmore stabilisation as a brand."
The significance of the worlds greatest and most respected money manager — Stan Druckenmiller saying just now that he is long bitcoin can not be overstated.That has removed every obstacle for any hedge fund or endowment to invest...#Bitcoin
— Raoul Pal (@RaoulGMI) November 9, 2020
Last year, Drakenmillerne welcomed the idea of investing in bitcoin.
'I don't consider myself a Neanderthal who I was called when I said I didn't hold bitcoin'- he added.
A few weeks ago, the investor announced the opening of a short position on the dollar, which, according to him, is waitingdecrease over the next 3-4 years.
Drakenmiller founded the firm Duquesne Capital and is considered one of the most successful managers on Wall Street.He closed his fund in August 2010, explaining the decision by feeling the inability to provide high returns for customers.Duquesne Capital had assets of more than $12 billion at the time of the closure.
From 1988 to 2000, Drakenmiller managed George Soros's money as a portfolio manager for the quantum fund.According to reports, amid the crisis of 2008, he managed to earn $260 million.Drakenmiller's personal fortune is estimated at $4.4 billion.
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