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Billionaire Stan Druckenmiller weighs in on Bitcoin, Ethereum, and Dogecoin

Photo of: Joseph Stone
by Joseph Stone

Last week, billionaire Stan Druckenmiller gave an interview to the daily newsletter The Hustle. Stan Druckenmiller founded Duquesne Capital in 1981 and worked in conjunction with George Soros at Quantum Fund until 2000. During the interview, the American billionaire gave his opinion on three cryptos in particular – Dogecoin, Bitcoin and Ethereum.

To say the least, Stan Druckenmiller is not the biggest fan of Dogecoin! For him, this cryptocurrency has “no use” and is a symbol of speculative madness. Unlike Bitcoin, he is indifferent to the price of Dogecoin and prefers to pretend that Dogeocoin “does not exist”. He even compared investing in Dogecoin to a different way of playing at a casino.

“When Bitcoin goes up, I go crazy because I don’t have Bitcoin. When Dogecoin goes up, it makes me laugh. (…) I think so little about Dogecoin that I don’t care when it goes up. “Stan Druckenmiller

The interview becomes even more interesting when you consider what Stan Druckenmiller said about Bitcoin and Ethereum. First, he said that for him “Bitcoin has won the race of the benchmark asset for store of value. With over 13-14 years of history and limited coin circulation, Stan Druckenmiller believes that Bitcoin will thus be “very, very hard to reverse”.

Another interesting thing, Stan Druckenmiller spoke about Ethereum and its leading position in the field of smart contracts. He mentioned the development of the internet and made an analogy with the development of cryptos linked to DeFi. And for him, he is “skeptical” that Ethereum can maintain its leadership position.

“I’m a little more skeptical about its [Ethereum’s] ability to maintain its position. It reminds me a bit of Myspace before Facebook. Or maybe a better analogy is Yahoo before Google came along. (…) Google wasn’t much faster than Yahoo, but it didn’t have to be. All it took was to be a little bit faster and the rest is history. “Stan Druckenmiller