Billionaire Hedge Fund Manager Backs Bitcoin as a Store of Value
Stanley Druckenmiller, a billionaire hedge fund manager, in a CNBC interview, revealed that he owns Bitcoin, backing it as a store of value that will outperform gold. A few weeks ago, he said he was “short” the USD, forecasting a multi-year decline of the greenback.
More registered advisors and fund managers are considering Bitcoin, allocating a small percentage of the volatile asset in their vast portfolio. Studies have shown that firms that dedicate funds to Bitcoin as part of their investment strategy drastically improve their performance. Bitcoin is flexible; acting as a store of value--a hedge against inflation, a medium of exchange supporting cheap remittance, and a unit of account when used in trade--like events in Iran. That billionaire hedge fund managers like Stanley and Paul Tudor Jones have a high opinion on Bitcoin significantly improves the project’s prospects.
Impact on the BTC Price:
Bullish. Support from influencer investors like Druckenmiller and Paul Tudor Jones legitimizes Bitcoin, an asset that is comparatively new but disruptive. With support from the mainstream, complex derivatives will be rolled out further improving the asset’s liquidity and market depth, attracting more investors.
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