Bitcoin and gold bars are more similar than expected. You can use them to protect your savings from inflation.
Is Bitcoin better than gold? – Anyone who has been active in the crypto space for a long time will answer this question with yes. Connoisseurs of the crypto currency know the advantages of Bitcoin over gold and probably have little doubt that BTC dominates the precious metal in terms of aspects such as portability or divisibility. Anyone looking at the Bitcoin exchange rate will also find that the gold performance is significantly below that of digital gold.
Now another Wall Street veteran, namely Stanley Druckenmiller, has acknowledged this narrative and is betting on Bitcoin. Let’s take a look at what the billionaire has to say in detail.
Stanley Druckenmiller: Another billionaire buys Bitcoin
After such greats as Paul Tudor Jones, billionaire and Wall Street veteran Stanley Druckenmiller has now also made public statements about Bitcoin.
Druckenmiller revealed in an interview with CNBC that he had also invested in Bitcoin. Just like Tudor Jones, he is incredibly bearish on the US dollar and is therefore building up a long position with BTC.
This fact alone, namely a public statement on TV, is another great recognition for Bitcoin. More and more big names in the classic financial world see the digital asset as a necessary investment and a good addition to their portfolio.
Bitcoin is rising sharply in price and can record price gains. The picture shows a price curve and stacked Bitcoins.Bitcoin savings plan: Again and again the question is asked about a good investment strategy for BTC. With the help of the Cost Average Effect, you minimize your risk, sleep better and profit sustainably from the long-term development of Bitcoin and Co. How a Bitcoin savings plan works.
If the gold bet works, BTC also works
As mentioned in the previous section, the basis of our article is the recent interview between Stanley Druckenmiller and Kelly Evans of CNBC.
In the interview, Druckenmiller said that he is betting that the crypto currency Bitcoin will continue to rise in price in the near future. At the same time, he admitted that he does not yet believe 100% in BTC as a store of value, but he fully understands why this attribute is attributed to Bitcoin. Nevertheless, he had to acknowledge that the crypto currency enjoys great popularity, especially among the Millenials – and these are now the generation of the future.
Druckenmiller also says that he holds gold in his portfolio in addition to Bitcoin, and that the precious metal is well above his BTC position.
To be honest: if the bet on gold works, the bet on Bitcoin will probably work even better.
Furthermore, the hedge fund manager said that he needed some time to understand Bitcoin.
I’m a bit like a dinosaur, but I’ve now thawed out and understood that Bitcoin can be an asset class that is extremely attractive as a store of value.
Bitcoin has made it? – Paul Tudor Jones
That a true Wall Street veteran like Druckenmiller is now publicly taking a position on Bitcoin is a true milestone, according to Paul Tudor Jones and Anthony Pompliano.
The fact that Druckenmiller is a highly respected hedge fund manager, shorts the U.S. dollar, and refers to pro-Bitcoin is enormously bullish.
Raoul Pal therefore only commented on the interview on Twitter with the following words
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
As a result, every obstacle for hedge funds that still doubted an investment in Bitcoin has now been removed.