Billionaire U.S. investor Stanley Druckenmiller, who just weeks ago was said to be shorting the dollar, is long on bitcoin.
- Druckenmiller said on CNBC Monday he owns bitcoin (BTC, +0.14%), becoming the latest high-profile, ultra high-net-worth investor to get in on the benchmark digital currency.
- Though he said his gold position is “many, many more times” larger than his bitcoin allocation, Druckenmiller predicted his bitcoin would outperform.
- “Frankly, if the gold bet works the bitcoin bet will probably work better because it’s thinner, more illiquid and has a lot more beta to it.”
- “It has a lot of attraction as a store of value to both millennials and the new West Coast money and, as you know, they have a lot of it.”
- Druckenmiller also said he’s anticipating a three- to four-year decline in the dollar. Just weeks ago, a Bloomberg report revealed Druckenmiller was betting against the dollar.