Bitcoin FOMO and Paul Tudor Jones Led Stan Druckenmiller to Invest Millions in BTC – Featured Bitcoin News

Billionaire Stanley Druckenmiller has shared how he bought into bitcoin and it concerned famed hedge fund supervisor Paul Tudor Jones. When bitcoin was going up, Druckenmiller mentioned, “I simply couldn’t stand the truth that it was going up and I didn’t personal it … I felt like a moron.”

Paul Tudor Jones, Stan Druckenmiller, and FOMO

Renowned investor Stan Druckenmiller has shared how he bought into bitcoin in an interview with The Hustle revealed on May 26. He additionally shared his views on ethereum and dogecoin, as Bitcoin News beforehand reported.

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 large earnings betting in opposition to the British pound in 1992.

When the worth of bitcoin skyrocketed from $50 to $17,000, Druckenmiller described, “I simply sat there aghast,” admitting, “I wished to purchase it each day.” The billionaire investor elaborated:

It was going up and — although I didn’t suppose a lot of it — I simply couldn’t stand the truth that it was going up and I didn’t personal it. I by no means owned it from like $50 to $17,000, I felt like a moron.

When the worth of BTC plummeted to the $3,000 degree, two issues occurred that pushed Druckenmiller into investing in the cryptocurrency.

The first was him realizing the issue that bitcoin fixes. He mentioned early on that “crypto was an answer in search of an issue,” not understanding what the issue was on the time. Then, “I discovered the issue,” he exclaimed, including that it was “When we did the CARES act and Chairman Powell began crossing all types of pink strains in phrases of what the Fed would do and wouldn’t do.” Druckenmiller elaborated:

The drawback was Jay Powell and the world’s central bankers going nuts and making fiat cash much more questionable than it already has been once I used to personal gold.

The second factor that satisfied him to purchase bitcoin was after he bought a name from billionaire hedge fund supervisor Paul Tudor Jones. “I bought a name from Paul Jones,” he recalled. Jones informed him: “Do you recognize that when bitcoin went from $17,000 to $3,000 that 86% of the those who owned it at $17,000, by no means offered it?”

Druckenmiller admitted: “This was enormous in my thoughts. So right here’s one thing with a finite provide and 86% of the homeowners are non secular zealots. I imply, who the hell holds one thing by way of $17,000 to $3000? And it seems not one of the — the 86% — offered it. Add that to this new central financial institution craziness phenomenon.”

While he was nonetheless mulling over whether or not to purchase bitcoin, the worth shot up to $6,000. Druckenmiller then began shopping for:

I bought to shopping for some simply because these children on the West Coast are already value greater than I’m, and they’re going to be making much more cash than me in the longer term. For some purpose, they’re this factor the way in which I’ve at all times checked out gold, which is a retailer of worth if I don’t belief fiat currencies.

The billionaire investor additional described the impediment he confronted when attempting to buy BTC. “It’s humorous. I attempted to purchase $100 million of bitcoin at a worth of $6,200. It took me 2 weeks to purchase $20 million. I purchased it throughout $6,500, I feel,” he recalled.

He thought that was “ridiculous,” contemplating it might have taken him two seconds to purchase that a lot gold. Druckenmiller then confessed:

So like an fool, I finished shopping for it. The subsequent factor I knew, it’s buying and selling at $36,000.

Druckenmiller additional shared: “I took my prices and then some out of it and I nonetheless personal a few of it.” He admitted: “My coronary heart’s by no means been in it,” emphasizing that he’s “a 68-year outdated dinosaur.” Nonetheless, he realized that “as soon as it began shifting and these establishments began upping it, I may see the outdated elephant attempting to get by way of the keyhole and they’ll’t match by way of in time.”

In November final 12 months, Druckenmiller mentioned that bitcoin may very well be a lovely retailer of worth that might beat gold. He additionally thinks that the U.S. greenback will doubtless lose its reserve foreign money standing in 15 years. Jones additionally mentioned final 12 months that he noticed large upside to bitcoin, like investing in early Apple or Google. He additional mentioned, “I got here to the conclusion that bitcoin was going to be the very best of inflation trades, the defensive trades that you’d take.”

What do you concentrate on how Stan Druckenmiller bought into bitcoin? Let us know in the feedback part beneath.

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