Crypto Long & Short: What We’re Getting Wrong About Druckenmiller and Bitcoin

Crypto Long & Short: What We’re Getting Wrong About Druckenmiller and Bitcoin


The chorus is getting louder.

Adding his sonorous voice to the chorus of renowned investors talking about bitcoin recently, hedge fund manager Stanley Druckenmiller stated on a CNBC interview this week that he believed bitcoin could perform better than gold.

Here’s part of the quote:

“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 because it’s thinner and more illiquid and has a lot more beta to it.“

This is worth diving into a bit, because the statement is good news for the industry, but it is not the bullish affirmation that it initially seems.

This is not Druckenmiller saying that bitcoin has a better value proposition than gold, or that it has a harder cap or that decentralization is the way to go.

No, this is Druckenmiller

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