Billionaire investor Stanley Druckenmiller has recently explained why he invested only $20 million in Bitcoin (BTC), skeptical of Ethereum (ETH), and prefers to pretend that Dogecoin (DOGE) doesn’t exist at all.
“For the first move in Bitcoin, I think from like $50 to $17,000, I just sat there aghast. And I wanted to buy it every day. It was going up and even though I didn’t think much of it, I just couldn’t stand the fact that it was going up and I didn’t own it,” Druckenmiller said in an interview this week.
A few years ago, Druckenmiller famously said that Bitcoin is a “solution in search of a problem.” Since then, however, he “evolved on this” thanks to a couple of occurrences. First, he finally realized what problem Bitcoin aims to solve—and that problem was called “central banks.”
“I found the problem: When we did the CARES act and Chairman Powell started crossing all sorts of red lines in terms of what the Federal Reserve would do and wouldn’t do. The problem was Jay Powell and the world’s central bankers going nuts and making fiat money even more questionable than it already has been when I used to own gold,” Druckenmiller explained.
Ultimately, Druckenmiller never owned any Bitcoin while the crypto’s price grew from $50 to $17,000 and “felt like a moron.”
According to Druckenmiller, the future of Ethereum and other cryptocurrencies is uncertain. He argued that it will be “very, very tough to unseat” Bitcoin as the ultimate store of value among assets.