Renowned investor Stanley Druckenmiller has shared his views on dogecoin and ethereum. He stated he wouldn’t lengthy or quick dogecoin and laughs when the meme cryptocurrency rises in worth. As for ether, he’s skeptical whether or not it might probably maintain its place.
Stan Druckenmiller on Dogecoin and Ether
In an interview with The Hustle final week, famed investor Stanley Druckenmiller shared his ideas on bitcoin, ether, and dogecoin, the meme cryptocurrency that has not too long ago taken the market by storm.
Druckenmiller based Duquesne Capital in 1981. He managed cash for George Soros because the lead portfolio supervisor for the Quantum Fund till 2000. He and Soros made huge earnings betting in opposition to the British pound in 1992.
The billionaire investor stated that dogecoin “is rather like NFTs [non-fungible tokens]. It’s a manifestation of the craziest financial coverage in historical past.” He added: “I believe since there’s no restrict on provide, I don’t actually see the utility of it proper now. It’s simply this wave of cash within the Greater Fool Theory.” Druckenmiller opined:
Now having stated that, I wouldn’t quick it as a result of I don’t like placing campfires out with my face. So I simply try to fake DOGE doesn’t exist. I believe so little of it, it doesn’t even trouble me when it goes up.
He continued: “When bitcoin used to go up, I’d go loopy as a result of I didn’t personal it. When dogecoin goes up, I simply begin laughing. Don’t go lengthy and don’t go quick. I imply, you understand, except you want going to Vegas, then I suppose it’s okay.”
On the topic of bitcoin vs. ethereum, Druckenmiller stated, “I believe bitcoin has gained the shop of worth sport” as a result of it’s “a model, it’s been round for 13-14 years, [and] it has a finite provide.” On whether or not different cryptocurrencies will substitute bitcoin, he reiterated that BTC is “going to be very, very powerful to unseat.”
While acknowledging that “the lead in sensible contracts and that sort of stuff could be ethereum,” he famous:
I’m just a little extra skeptical of whether or not it might probably maintain its place. It jogs my memory just a little of Myspace earlier than Facebook. Or possibly a greater analogy is Yahoo earlier than Google got here alongside.
He described, “Google wasn’t that a lot quicker than Yahoo, nevertheless it didn’t have to be. All it wanted to be was just a little bit quicker and the remaining is historical past.”
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