In brief

  • Stanley Druckenmiller is a billionaire investor.
  • He thinks that Bitcoin could be a better bet than gold.
  • Previously, Druckenmiller dismissed Bitcoin.

Stanley Druckenmiller, a billionaire investor who managed George Soros's money back in the 1990s, today sang the praises of Bitcoin.

"It could be an asset class that has a lot of attraction as a store of value to both Millennials and to the new West Coast money—and as you know they've got a lot of it," said Druckenmiller. "It's been around for 13 years [actually, 12] and with each passing day it picks up more of its stabilization," he said in an interview with CNBC today.

Druckenmiller's comments come as Bitcoin's price breaks past $15,000, almost four times its price in March, and about $5,000 more than its price at the start of last month.

"I own many many more times gold than I own Bitcoin, but frankly if the gold bet works, the Bitcoin bet will probably work better," he said, because it's "more illiquid and has a lot more beta to it," he said. Beta measures how volatile an asset is compared to the market as a whole.

Druckenmiller in 2018 invested in Basis, a US stablecoin company that shut down in...2018.

Last June, Druckenmiller told an audience at the Economic Club of New York that he considers Bitcoin "a solution in search of a problem," and that he "didn't need to be playing in Bitcoin."

He would neither short nor long Bitcoin, since he doesn't get why it's a store of value. “I don’t understand why we need this thing," he said.

Of the argument that Bitcoin's valuable because you can't create it, he said last year, "there are a lot of things you can't create that aren't going to go to $1 million."

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.