Billionaire Stanley Druckenmiller says that he's placed a bet on bitcoin

Billionaire investor Stanley Druckenmiller is betting on bitcoin, according to new comments made on CNBC.

"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 Druckenmiller, who previously served as a hedge fund manager and was the founder of Duquesne Capital, which operated from 1981 to 2010.

Druckenmiller highlighted the growing stabilization in the bitcoin market since its launch 13 years ago, comparing the act of investing in bitcoin to investing in gold.


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

"I own many more times gold than I own bitcoin, but frankly, if the gold bet works, the bitcoin bet will probably work better because it's thinner and more illiquid and has a lot more beta to it," he said.

Correlation between gold and bitcoin is trending upwards in recent weeks, though still far from its August high. 

The two followed a similar trend this morning when both bitcoin and gold dipped more than five percent after promising news from Pfizer and BioNTech on their COVID-19 vaccine.

About Author

Aislinn Keely is a reporter on The Block's policy team holding down the legal beat. She covers court decisions, bankruptcies, regulatory actions and other key moments in the legal sphere, putting them in context for the wider crypto industry. Before The Block, she lent her voice to the NPR affiliate WFUV and helmed Fordham University's student newspaper. Send tips or thoughts on all things policy and legal to [email protected] or follow her on Twitter for updates @AislinnKeely.