Billionaire Stanley Druckenmiller shares how he got into bitcoin and included famous hedge fund manager Paul Tudor Jones. When bitcoin was going up, Druckenmiller said, “I couldn’t stand the fact that it was going up and I didn’t own it… I felt like an idiot.”
Paul Tudor Jones, Stan Druckenmiller, and FOMO
Renowned investor Stan Druckenmiller shares how he got involved in bitcoin in an interview To struggle Published on 26 May. He also shared his thoughts on Ethereum and Dogecoin, as previously reported by Bitcoin News. Reported.
Druckenmiller founded Duquesne Capital in 1981. He managed money for George Soros as the principal portfolio manager for Quantum Fund until 2000. He and Soros made huge profits in 1992 betting against the British pound.
When the price of bitcoin rose from $50 to $17,000, Druckenmiller described, “I just sat there,” admitting, “I wanted to buy it every day.” The billionaire investor elaborated:
It was growing and – even though I didn’t think much about it – I couldn’t stand the fact that it was going up and I didn’t own it. I never owned it for $50 to $17,000 I felt like an idiot.
when the price B T c Dropping to the $3,000 level, two things happened that prompted Druckenmiller to invest in the cryptocurrency.
First he was understanding the problem that bitcoin fixes. He initially said that “crypto was a solution looking for a problem,” but he didn’t know what the problem was at the time. Then, “I got the problem,” he said, “when we did the CARES Act and Chairman Powell started crossing all kinds of red lines in terms of what the Fed would and wouldn’t do.” Druckenmiller elaborated:
The problem was that Jay Powell and the world’s central bankers were going crazy and making fiat money even more suspicious than when I owned gold.
The second thing that convinced him to buy bitcoin came after billionaire hedge fund manager Paul Tudor Jones got a call. “I got a call from Paul Jones,” he recalled. Jones asked him: “Did you know that when bitcoin went from $17,000 to $3,000, 86% of the people who had $17,000 never sold it?”
Druckenmiller admitted: “It was huge on my mind. So here’s something with a limited supply and 86% of the owners are religious enthusiasts. I mean, who has anything from $17,000 to $3000? And this Turns out that none of these – 86% – sold it. Add to this the phenomenon of this new central bank madness.”
While he was still contemplating whether to buy bitcoin, the price reached $6,000. Druckenmiller then began buying:
I had to buy some just because these West Coast kids are already worth more to me, and they’re going to make a lot more money than me in the future. For some reason, they’re looking at this thing the way I’ve always looked at gold, which is a store of value if I don’t trust fiat currencies.
The billionaire investor further described the hurdle he faced while trying to buy btc. “It’s funny. I tried to buy $100 million of bitcoin at $6,200. It took me 2 weeks to buy $20 million. I bought it for about $6,500, I think,” he recalled.
He thought it was “ridiculous”, given that it would have taken him two seconds to buy that much gold. Druckenmiller then confessed:
So like an idiot, I stopped buying it. Next thing I knew, it was trading at $36,000.
Druckenmiller further shared: “I took my costs and then some of that and I still have some of that.” He admitted: “My heart has never been in it,” emphasizing that he is a “68-year-old dinosaur.” Still, he realized that “once it started to shake and these institutions started to lift it up, I was trying to get the old elephant out of the keyhole and they couldn’t fit in time. “
In November last year, Druckenmiller said that bitcoin could be a attractive store of value Who can beat gold. He also thinks that the US dollar potential loss Its reserve currency status in 15 years. Jones also said last year that he saw massive upside down For bitcoin, such as early investing in Apple or Google. He continued, “I have come to the conclusion that bitcoin will be the best inflation traded, defensive trade you will make.”
What do you think about how Stan Druckenmiller got into bitcoin? Let us know in the comments section below.
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