Stanley Druckenmiller, a well-known investor, has expressed his thoughts on Dogecoin and Ehereum. He claimed he wouldn’t invest in dogecoin long or short, and he chuckles when the meme cryptocurrency’s value climbs. He is also doubtful about Ether’s ability to maintain its dominance.
Druckenmiller discussed cryptocurrency in an interview with The Hustle last week.
Duquesne Capital was founded by Druckenmiller in 1981. Until 2000, he worked as the primary portfolio manager for George Soros’ Quantum Fund. In 1992, he and Soros won a fortune betting against the British pound.
Druckenmiller on Dogecoin and Ethereum
Dogecoin, according to the wealthy investor, is similar to the NFT craze. Druckenmiller calls Dogecoin a “representation” of the world’s current monetary policy, since there is no constraint on Dogecoin supply.
He stated that he would neither “long” nor “short” Dogecoin and prefers to pretend it doesn’t exist.
“Now having said that, I wouldn’t short it because I don’t like putting campfires out with my face. So I just try and pretend DOGE doesn’t exist. I think so little of it, it doesn’t even bother me when it goes up.”
Druckenmiller believes Bitcoin has won the store of value battle versus Ethereum. He states,
“I’m a little more skeptical of whether it can hold its position. It reminds me a little of Myspace before Facebook. Or maybe a better analogy is Yahoo before Google came along.”
Druckenmiller does recognize that “the lead in smart contracts and that kind of stuff would be Ethereum.”
Who is Stanley Druckenmiller?
Stanley Druckenmiller is a hedge fund creator, philanthropist, and investor from the United States. He started Duquesne Capital in 1981 and served as its president and chairman.
He liquidated the fund in August 2010 because he was unable to provide substantial returns to his investors. At the time of its collapse, Duquesne Capital had a market capitalization of more than $12 billion.
From 1988 through 2000, he served as the only portfolio manager for George Soros’ Quantum Fund. He is projected to have made $260 million in 2008.
Druckenmiller is a top-down trader who owns long and short stock groups and trades derivatives and currencies using leverage.
In early 2019, he worked at Microsoft, Abbott Labs, Salesforce.com, Delta Airlines, and American Airlines. In November 2020, he acknowledged that he had both gold and bitcoin.
After the stock market crash and subsequent rise past pre-crisis levels in 2020, Druckenmiller claimed that he anticipates inflation in the US economy as a result of Federal Reserve actions.
He is well known for his unsuccessful effort to purchase the Pittsburgh Steelers. In July 2008, Druckenmiller was mentioned as a prospective buyer for the Pittsburgh Steelers of the National Football League.