Billionaire manager “felt an idiot” for not having invested in bitcoin sooner

Charlie Taylor

American billionaire Stanley Druckenmiller, considered one of the greatest investors of all time, defended the potential of Bitcoin as a store of value and gave details about his history with the cryptocurrency in an interview with The Hustle portal. He says that when he first heard about bitcoin, he didn't understand the need for the currency and witnessed “horrified” prices soaring from $50 to $17,000. “I wanted to shop every day. He was going up and—even though I didn't think about it much—I just couldn't stand the fact that he was going up and I didn't have him. I never had bitcoin between $50 and $17,000, I felt like an idiot,” said the billionaire. According to Druckenmiller, everything changed when he received a call from billionaire Paul Tomes — another big investor in BTC — in which he said that 86 percent of the people who owned the asset at the top, didn't sell. “That was huge in my mind. So here's something with a finite supply and 86% of the owners are religious fanatics. I mean, who the hell holds something priced at $17,000 to $3,000? Add that to this new phenomenon of Central Bank madness.” That was the final push he needed to invest in the currency. He reports that he wanted to buy $100 million worth of bitcoin when the price was around $6,000, but that he could only buy $20 million by trying for two weeks. He said he found the difficulty of buying the cryptoactive “ridiculous”. “So, like an idiot, I stopped buying it. The next thing I knew, bitcoin is being traded at $36,000,” he laments. He said he still owns some of the cryptocurrency today, but at the time he sold a portion. “My heart was never in this. I'm a 68 year old dinosaur, but once it [bitcoin] started to move and these institutions started to increase it, I could see the old elephant trying to get through the keyhole and not getting through in time.”

Ethereum and Dogecoin review

Asked about the competition between the two main cryptocurrencies in the market, Bitcoin and Ethereum, Stanley Druckenmiller said that the BTC wins in the battle of store of value. “Bitcoin has its brand, it has been around for 13 years, it has a finite offer. Will it be gold? I do not know. But he's certainly been doing a good imitation of that in the last two years”, he points out. Druckenmiller remains more skeptical of Ethereum's ability to maintain its market position. He sees the project as a kind of Yahoo or MySpace, a pioneering technology that has been replaced by a better product like Google and Facebook. The investor also took the opportunity to talk about the cryptocurrency meme Dogecoin, beloved by entrepreneurs like Elon Musk. In his view, the currency is “the craziest monetary policy manifestation in history” and that he finds no use in it. “I just try to pretend that Doge doesn't exist. I think so little about it, it doesn't even bother me when it goes up. When Bitcoin used to come up, I was crazy because I didn't own it. When Dogecoin comes up, I just start laughing,” he concluded.

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