Well-known investor Stanley Druckenmiller has shared his thoughts on Dogcoin and Ethereum. He said that he will not do long or short Dogcoin and laughs when the mem cryptocurrency rises in value. As far as ether is concerned, he is in doubt whether he can hold his position.
Stan Druckenmiller on Dogcoin and Ether
In an interview with The Hustle last week, renowned investor Stanley Druckenmiller shared his thoughts on bitcoin, ether and dogcoin, the mem cryptocurrency that has recently taken the market by storm.
Druckenmiller founded Duxne Capital in 1981. He managed money for George Soros as the lead portfolio manager for the Quantum Fund until 2000. He and Soros made huge profits in betting against the British pound in 1992.
The billionaire investor said that Dogcoin “is like NXT” [non-fungible tokens]. This is an expression of the craziest monetary policy in history. “He added:” I think that since there is no limit to the supply, I don’t really see its usefulness right now. This is just this wave of money in the Greater Fool Theory. “Druckenmiller said:
Now having said that, I won’t cut it short because I don’t like to have a campfire out of my face. So I just try and pretend that DOGE doesn’t exist. I think very little about it, it doesn’t even bother me when it goes up.
He continued: “When bitcoin went up, I went crazy because I didn’t own it. When Dogecoin goes up, I just laugh. Don’t go tall and don’t go short. I mean, You know, as long as you don’t like going to Vegas, then I think it’s fine. “
On the topic of bitcoin versus Ethereum, Druckenmiller said, “I think bitcoin has won the store of the value game” because it’s “a brand, it’s been around 13-14 years, [and] It has a limited supply. “On whether other cryptocurrencies would replace bitcoin, he reiterated that reiterate B T c “It’s going to be very, very hard.”
Acknowledging that “Ethereum would be the leader in smart contracts and that kind of stuff,” he said:
I have a little more doubt whether it can maintain its position. It reminds me a bit of MySpace before Facebook. Or perhaps a better analogy is Yahoo before Google arrived.
He described, “Google wasn’t much faster than Yahoo, but it wasn’t needed. It just needed to be a bit faster and the rest is history.”
What do you think of Stan Druckenmiller’s thoughts on Dogecoin and Ether? Let us know in the comments section below.
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