Former Fund Manager and Billionaire Stanley Druckenmiller Unveils his Bet on Bitcoin

In the list of Bitcoin billionaires, Stanley Druckenmiller is the latest addition who has made a bet on the top digital asset.

Bitcoin has Attraction

He has made remarks over CNBC that Bitcoin is a potential investment tool having a lot of attraction as a hedging instrument. “Bitcoin could be an asset class that has a lot of attraction as a store of value to both millennials and the new West Coast money,” said billionaire investor Druckenmiller over CNBC.

Druckenmiller is a popular name in Wall Street as he has a reputation as a fund manager. He is the founder of Duquesne Capital which quit operations in 2010 and has also served as a successful fund manager.

According to him, the Bitcoin market has stable itself since its inception as compared to gold. He then compared both Bitcoin and gold and declared Bitcoin a better instrument entity due to its feature of high liquidity.

Big Players in the Crypto Industry

This year has proved a good year for Bitcoin as it attracted the attention of unlimited institutional clients and billionaires. In the giant institutional clients, Microstrategy and Jack Dorsey’s Square are included. In FinTech giants, Visa, Mastercard, and PayPal are involved which put a lot of attention on cryptocurrency’s potential. PayPal has even announced to offer services of buying and selling of cryptocurrency by the start of 2021. And there are large numbers of investors who turned to Bitcoin after spending a lot of time in the traditional markets.

According to the on-chain data provided by the CryptoCompare, the correlation between Bitcoin and gold is moving upwards in a recent couple of months. However, the correlation figure is still very far from the value witnessed back in the month of August.

At press time, the world’s top digital asset is exchanging hands at $15,367 after a slight decrease of 0.04% over the day. But over the weekly timeframe, Bitcoin is still up 12.85%. In the morning, it was trading at above $15,800 but then it crashed after the US equity markets gained bullish momentum.

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