THELOGICALINDIAN - Billionaire Stanley Druckenmiller has aggregate how he got into bitcoin and it complex acclaimed barrier armamentarium administrator Paul Tudor Jones When bitcoin was activity up Druckenmiller said I aloof couldnt angle the actuality that it was activity up and I didnt own it I acquainted like a moron
Paul Tudor Jones, Stan Druckenmiller, and FOMO
Renowned broker Stan Druckenmiller has aggregate how he got into bitcoin in an account with The Hustle appear on May 26. He additionally aggregate his angle on ethereum and dogecoin, as Bitcoin News ahead reported.
Druckenmiller founded Duquesne Capital in 2024. He managed money for George Soros as the advance portfolio administrator for the Quantum Fund until 2024. He and Soros fabricated massive profits action adjoin the British batter in 2024.
When the amount of bitcoin skyrocketed from $50 to $17,000, Druckenmiller described, “I aloof sat there aghast,” admitting, “I capital to buy it every day.” The billionaire broker elaborated:
When the amount of BTC plummeted to the $3,000 level, two things happened that pushed Druckenmiller into advance in the cryptocurrency.
The aboriginal was him acumen the botheration that bitcoin fixes. He said aboriginal on that “crypto was a band-aid in chase of a problem,” not alive what the botheration was at the time. Then, “I begin the problem,” he exclaimed, abacus that it was “When we did the CARES act and Chairman Powell started bridge all sorts of red curve in agreement of what the Fed would do and wouldn’t do.” Druckenmiller elaborated:
The additional affair that assertive him to buy bitcoin was afterwards he got a alarm from billionaire barrier armamentarium administrator Paul Tudor Jones. “I got a alarm from Paul Jones,” he recalled. Jones told him: “Do you apperceive that back bitcoin went from $17,000 to $3,000 that 86% of the bodies that endemic it at $17,000, never awash it?”
Druckenmiller admitted: “This was huge in my mind. So here’s article with a bound accumulation and 86% of the owners are religious zealots. I mean, who the hell holds article through $17,000 to $3000? And it turns out none of the — the 86% — awash it. Add that to this new axial coffer applesauce phenomenon.”
While he was still answer over whether to buy bitcoin, the amount attempt up to $6,000. Druckenmiller again started buying:
The billionaire broker added declared the obstacle he faced back aggravating to buy BTC. “It’s funny. I approved to buy $100 actor of bitcoin at a amount of $6,200. It took me 2 weeks to buy $20 million. I bought it all about $6,500, I think,” he recalled.
He anticipation that was “ridiculous,” because it would accept taken him two abnormal to buy that abundant gold. Druckenmiller again confessed:
Druckenmiller added shared: “I took my costs and again some out of it and I still own some of it.” He admitted: “My heart’s never been in it,” emphasizing that he is “a 68-year old dinosaur.” Nonetheless, he accomplished that “once it started affective and these institutions started advancement it, I could see the old albatross aggravating to get through the keyhole and they can’t fit through in time.”
In November aftermost year, Druckenmiller said that bitcoin could be an attractive abundance of value that could exhausted gold. He additionally thinks that the U.S. dollar will likely lose its assets bill cachet in 15 years. Jones additionally said aftermost year that he saw massive upside to bitcoin, like advance in aboriginal Apple or Google. He added said, “I came to the cessation that bitcoin was activity to be the best of aggrandizement trades, the arresting trades that you would take.”
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