Stanley Druckenmiller: investing in Bitcoin is better than investing in gold
American billionaire and former hedge fund manager Stanley Druckenmiller believes that investing in Bitcoin will be more profitable than investing in gold.
During his speech on CNBC, Druckenmiller noted the stabilization of the cryptocurrency market and the noticeably reduced volatility of the first cryptocurrency. Now, according to Druckenmiller, investing in Bitcoin is not that much different from investing in gold.
"Bitcoin could be an asset class that has a lot of attraction as a store of value to both millennials and the new West Coast money. I own 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,"he said.
Note that the correlation between Bitcoin and gold rates has been increasing recently, although this indicator is still far from the level of August this year. In addition, a recent report from the financial conglomerate JPMorgan Chase suggests that Bitcoin is taking over some of the investment in ETFs in gold.