Famend investor Stanley Druckenmiller has shared his views on dogecoin and ethereum. He mentioned 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 lately 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 large income betting in opposition to the British pound in 1992.
The billionaire investor mentioned 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 Larger Idiot Principle.” Druckenmiller opined:
Now having mentioned that, I wouldn’t quick it as a result of I don’t like placing campfires out with my face. So I simply attempt to fake DOGE doesn’t exist. I believe so little of it, it doesn’t even hassle 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 already know, until you want going to Vegas, then I suppose it’s okay.”
With reference to bitcoin vs. ethereum, Druckenmiller mentioned, “I believe bitcoin has received 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 exchange bitcoin, he reiterated that BTC is “going to be very, very robust to unseat.”
Whereas acknowledging that “the lead in sensible contracts and that type of stuff could be ethereum,” he famous:
I’m a bit extra skeptical of whether or not it might probably maintain its place. It jogs my memory a bit of Myspace earlier than Fb. Or perhaps a greater analogy is Yahoo earlier than Google got here alongside.
He described, “Google wasn’t that a lot sooner than Yahoo, but it surely didn’t have to be. All it wanted to be was a bit bit sooner and the remaining is historical past.”
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