Billionaire investor Stanley Druckenmiller is outlining when he thinks it’s smart to own Bitcoin (BTC) and when he thinks it’s better to own gold.
While speaking at a recent Sohn Conference panel, the former president of venture capital firm Duquesne Capital says the financial markets can take two routes moving forward.
According to Druckenmiller, it’s either policy-makers return to adopting loose monetary policies and ignite a bull market underpinned by inflation or they continue with their current path of creating a bearish environment that destroys demand in an effort to tame inflation.
Explains Druckenmiller,
“If you believe we’re going to have irresponsible monetary policy and inflation going forward, if it’s in a bull phase, you want to own Bitcoin, but if it’s in a bear phase for other assets, you want to own gold.”
The billionaire says 85% of that strategy is based on what he’s observed of each asset’s market behaviors, and the other 15% is based on the type of investor that prefers each asset.
“Over-the-counter, FAANG-type investors, if they believe in inflation and they tend to be younger, they want to play Bitcoin. Old curmudgeons that that secretly want the world to fall apart, they don’t own Bitcoin. They own gold.”
Bitcoin is trading for $21,187.00 at time of writing. The top-ranked crypto asset by market cap crashed by nearly 19% in the past 24 hours.
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The post Billionaire Stanley Druckenmiller Says Bitcoin Beats Gold in a Bull Market Inflationary Environment – Here’s Why appeared first on The Daily Hodl.