{"id":191790,"date":"2021-05-30T15:36:13","date_gmt":"2021-05-30T14:36:13","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=191790"},"modified":"2021-05-31T09:37:10","modified_gmt":"2021-05-31T08:37:10","slug":"i-felt-like-a-moron-for-not-buying-bitcoin-says-billionaire-stanley-druckenmiller","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/i-felt-like-a-moron-for-not-buying-bitcoin-says-billionaire-stanley-druckenmiller\/","title":{"rendered":"\u2018I felt like a moron\u2019 for not buying Bitcoin, says billionaire Stanley Druckenmiller"},"content":{"rendered":"

Billionaire investor Stanley Druckenmiller has recently explained why invested only<\/em> $20 million in Bitcoin (BTC), skeptical of Ethereum (ETH), and prefers to pretend that Dogecoin (DOGE) doesn\u2019t exist at all.<\/span><\/p>\n

\u201cFor the first move in Bitcoin\u2014I think from like $50 to $17,000\u2014I just sat there aghast. And […] I wanted to buy it every day. It was going up and\u2014even though I didn\u2019t think much of it\u2014I just couldn\u2019t stand the fact that it was going up and I didn\u2019t own it,\u201d Druckenmiller said in an interview with <\/span>The Hustle<\/span><\/i><\/a> earlier this week.<\/span><\/p>\n

The problem Bitcoin solves<\/h2>\n

A few years ago, Druckenmiller famously said that Bitcoin is a \u201csolution in search of a problem.\u201d Since then, however, he \u201cevolved on this\u201d thanks to a couple of occurrences. First, he finally realized what problem Bitcoin aims to solve\u2014and that problem was called \u201ccentral banks.\u201d<\/span><\/p>\n

\u201cI found the problem: When we did the CARES act and Chairman Powell started crossing all sorts of red lines in terms of what the Fed[eral Reserve] would do and wouldn\u2019t do. The problem was Jay Powell and the world\u2019s central bankers going nuts and making fiat money even more questionable than it already has been when I used to own gold,\u201d Druckenmiller explained.<\/span><\/p>\n

Ultimately, Druckenmiller never owned any Bitcoin while the crypto\u2019s price grew from $50 to $17,000 and \u201cfelt like a moron.\u201d Then, a fellow billionaire Paul Tudor Jones called him and said \u201cDo you know that when Bitcoin went from $17,000 to $3000, 86% of the people that owned it at $17,000 never sold it?\u201d<\/span><\/p>\n

\u201cWell, this was huge in my mind. So here\u2019s something with a finite supply and 86% of the owners are religious zealots. I mean, who the hell holds something through $17,000 to $3000? And it turns out none of them\u2014the 86%\u2014 sold it. Add that to this new Central Bank craziness phenomenon,\u201d Druckenmiller noted.<\/span><\/p>\n

\u201cAn old elephant trying to get through a keyhole\u201d<\/h2>\n

Finally, he decided to buy $100 million worth of Bitcoin at around $6,200\u2014but ran into some issues. However, Druckenmiller didn\u2019t explain what those were.<\/span><\/p>\n

\u201cIt took me 2 weeks to buy $20 million. I bought it all around $6,500, I think. And I said, \u2018this is ridiculous.\u2019 You know, it takes me two weeks. I can buy that much gold in 2 seconds,\u201d he lamented, adding, \u201cSo like an idiot, I stopped buying it. The next thing I knew, [Bitcoin] is trading at $36,000.\u201d<\/span><\/p>\n

Ultimately, Druckenmiller took \u201csome costs and then some\u201d out of his Bitcoin investment\u2014but still held on to an undisclosed amount of BTC.<\/span><\/p>\n

\u201cMy heart\u2019s never been in it. I\u2019m a 68-year old dinosaur, but once it started moving and these institutions started upping it, I could see the old elephant trying to get through the keyhole and they can\u2019t fit through in time,\u201d he argued.<\/span><\/p>\n

Ethereum's future is uncertain<\/h2>\n

Speaking about Ethereum and other cryptos, Druckenmiller argued that it will be \u201cvery, very tough to unseat\u201d Bitcoin as the ultimate store of value among assets.<\/span><\/p>\n

\u201cI think Bitcoin has won the store of value game because it is a brand, it\u2019s been around for 13-14 years, and it has a finite supply. Is it going to be gold? I don\u2019t know. It\u2019s sure as hell doing a good imitation of it the last year or two,\u201d he pointed out.<\/span><\/p>\n

Meanwhile, Druckenmiller lauded Ethereum\u2019s qualities as a \u201ccommerce facilitator\u201d and the leading platform for smart contracts. The billionaire, however, said he\u2019s \u201ca little more skeptical of whether it can hold its position.\u201d<\/span><\/p>\n

\u201cIt reminds me a little of MySpace before Facebook. Or maybe a better analogy is Yahoo before Google came along. Google wasn\u2019t that much faster than Yahoo, but it didn\u2019t need to be. All it needed to be was a little bit faster and the rest is history,\u201d Druckenmiller opined.<\/span><\/p>\n

Further, he argued that a completely new, better payments system could emerge in the future, and \u201cthere\u2019s a chance that it hasn\u2019t even been invented yet.\u201d Meanwhile, Bitcoin will likely continue to be considered a store of value akin to gold.<\/span><\/p>\n

\u201cAs long as Jay Powell keeps acting like he\u2019s been acting, I think gold and Bitcoin\u2014and Bitcoin seems to be high-beta gold\u2014are going to have the wind behind them,\u201d Druckenmiller noted.<\/span><\/p>\n

\u201cI pretend DOGE doesn\u2019t exist\u201d<\/h2>\n

Dogecoin, on the other hand, doesn\u2019t elicit any serious thought from Druckenmiller at all. Despite numerous endorsements from billionaires such as Elon Musk or Michael Saylor, DOGE is just a part of \u201cthis wave of money in the Greater Fool Theory,\u201d he argued.<\/span><\/p>\n

\u201cNow having said that, I wouldn\u2019t short it because I don\u2019t like putting campfires out with my face. So I just try and pretend DOGE doesn\u2019t exist. I think so little of it, it doesn\u2019t even bother me when it goes up,\u201d Druckenmiller confessed.<\/span><\/p>\n

Likewise, he compared Dogecoin to booming non-fungible tokens in the sense that \u201cit\u2019s a manifestation of the craziest monetary policy in history.\u201d<\/span><\/p>\n

\u201cAnd I think since there\u2019s no limit on supply, I don\u2019t really see the utility of [Dogecoin] right now. When Bitcoin used to go up, I\u2019d go crazy because I didn\u2019t own it. When Dogecoin goes up, I just start laughing,\u201d said Druckenmiller, concluding, \u201cDon\u2019t go long and don\u2019t go short. I mean, you know, unless you like going to Vegas, then I guess it\u2019s okay.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Billionaire investor Stanley Druckenmiller has recently explained why invested only $20 million in Bitcoin (BTC), skeptical of Ethereum (ETH), and prefers to pretend that Dogecoin (DOGE) doesn\u2019t exist at all. \u201cFor the first move in Bitcoin\u2014I think from like $50 to $17,000\u2014I just sat there aghast. And […] I wanted to buy it every day. […]<\/p>\n","protected":false},"author":472,"featured_media":191810,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,35372,29],"tags":[60786,74035,60923],"post_folder":[],"acf":[],"yoast_head":"\n\u2018I felt like a moron\u2019 for not buying Bitcoin, says billionaire Stanley Druckenmiller<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/i-felt-like-a-moron-for-not-buying-bitcoin-says-billionaire-stanley-druckenmiller\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u2018I felt like a moron\u2019 for not buying Bitcoin, says billionaire Stanley Druckenmiller\" \/>\n<meta property=\"og:description\" content=\"Billionaire investor Stanley Druckenmiller has recently explained why invested only $20 million in Bitcoin (BTC), skeptical of Ethereum (ETH), and prefers to pretend that Dogecoin (DOGE) doesn\u2019t exist at all. \u201cFor the first move in Bitcoin\u2014I think from like $50 to $17,000\u2014I just sat there aghast. 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