Billionaire Stanley Druckenmiller says a catalyst could trigger “big role” for crypto in the future
Billionaire investor and hedge fund legend Stanley Druckenmiller expresses optimism about crypto assets.
Druckenmiller says in a CNBC interview that the lack of confidence and trust in central banks could lead to cryptoassets playing a “huge role” as the rebuilding of economies begins.
“I still think … if the Bank of England, what they did is followed by such things by other central banks in the next two or three years, if things get really bad … I could see cryptocurrency having a big role in a renaissance because people are just not going to trust the central banks.”
Earlier this week, the Bank of England launched an emergency bond-buying program to restore order to UK bond markets following market turmoil induced by the UK government’s plans to cut taxes and subsidize energy bills, a fact that would have exploded public debt. The bond buying was a sudden reversal of plans by the Bank of England to sell bonds accumulated since the 2008-09 global financial crisis.
The billionaire investor says the US central bank also made a “big mistake” by being late to raise interest rates to curb inflation.
“I like everything I hear from the Fed and I hope they get the job done. They made a big mistake. They seem to have owned it, but it’s easy to own it when employment is strong. Let’s see what happens if we have a hard landing. I just hope they stick to their guns because this was terrible in the 70’s. You must slay the dragon.”
Druckenmiller has previously said that crypto solves the problem of lack of trust in central banks.
When asked to disclose whether he holds digital assets, Druckenmiller says it would be “tough” to own crypto assets when interest rates are rising.
“I do not own Bitcoin…
It’s hard for me to own something like that [crypto] with central banks tightening.”
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