Billionaire Regrets Missing Bitcoin Boat: Prefers Gold But Questions His Choice

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Veteran Investor And Magnate’s Bitcoin Dilemma

Revered for his astute investment strategies, Druckenmiller, now 70, openly acknowledged the undeniable allure of Bitcoin, drawing an intriguing comparison to his long-standing affinity for gold.

He said:

“I’m 70 years old, I own gold. I was surprised that Bitcoin got going, but you know, it’s clear that the young people look at it as a store of value because it’s a lot easier to do stuff with; 17 years, to me, it’s a brand.”

“I like gold because it’s a 5,000-year-old brand, but the young people have all the money, certainly the ones on the West Coast do,” he shared thoughtfully during the interview.

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However, Druckenmiller’s stance on Bitcoin is not without a twist. Despite his acknowledgment of the cryptocurrency’s significance, he openly admitted to not holding any Bitcoin at present but hinted at the possibility of an imminent change in his investment portfolio.

“I don’t own any Bitcoin, but I should,” he candidly confessed, suggesting a potential shift in his investment strategy, indicative of the evolving market dynamics and the growing influence of cryptocurrencies in the financial ecosystem.

This recent statement by Druckenmiller adds a fresh layer to his intricate relationship with the digital asset sphere. In a stark contrast to his current sentiment, the investor had previously disclosed his ownership of Bitcoin.

Yet, in a surprising turn of events, he divested his holdings last year, citing concerns related to the tightening policies of central banks, which appeared to have influenced his investment decisions at the time.

BTCUSD trading at $34,261 today. Chart: TradingView.com

Janet Yellen’s ‘Biggest Blunder’

The seasoned investor’s multifaceted insights don’t merely revolve around cryptocurrency. Druckenmiller didn’t hold back when it came to criticizing prominent figures in the financial landscape.

In a scathing critique directed towards Janet Yellen, the US Treasury Secretary, Druckenmiller didn’t mince his words, deeming her actions as the “biggest blunder in Treasury history.”

His sharp criticism targeted Yellen’s decision-making, particularly her issuance of two-year bonds at a meager 15 basis points, a move that he deemed myopic and detrimental to the broader financial landscape.

From Druckenmiller’s perspective, Yellen’s failure to capitalize on the opportune moment for issuing longer-term bonds at higher rates seems not only shortsighted but potentially detrimental to the economy, with missed opportunities for long-term financial stability and growth.

Moreover, he emphasized the repercussions of such actions, highlighting the missed prospects for both individuals and corporations to benefit from more favorable refinancing rates, thus raising questions about Yellen’s continued role in her position.

“I have no idea why she hasn’t been called on this,” Druckemiller said. “She has no right to still be in that job.”

Featured image from iStock