When a big hedge fund manager like Paul Tudor Jones joins the conversation about a new cryptocurrency, the price of said cryptocurrency goes up. When one of the world’s most successful stock traders like Stan Druckenmiller joins in, it goes up even more. We’re talking about legendary investor Paul Tudor Jones (who has predicted bitcoin to hit $40,000) and legendary stock trader Stan Druckenmiller. Druckenmiller, CEO of Duquesne Capital Management, is the second-largest shareholder in bitcoins and has been investing in the cryptocurrency for years. It’s not the first time he’s made a significant move into a new asset class. In 2015, he bet on bitcoin at
Last Thursday, legendary hedge fund manager Paul Tudor Jones , a legend in Wall Street history, reportedly made a $15 million investment in Bitcoin , the cryptocurrency that has taken the financial world by storm. The move was a result of his belief that Bitcoin could one day be worth more than gold . On his personal Twitter account, Jones wrote, “I was the guy who said Bitcoin could go to $1 million. I stand by my call and believe that Bitcoin is underpriced.”
The post gives the context of the story and also provides a conclusion.Billionaire Stanley Druckenmiller explained how he got into bitcoin, and famed hedge fund manager Paul Tudor Jones was involved. When bitcoin rose, Druckenmiller said: I couldn’t get used to the idea of him growing up and me not owning him anymore. …. I felt like an idiot.
Paul Tudor Jones, Stan Druckenmiller and FOMO
Noted investor Stan Druckenmiller spoke out in an interview with The Hustle, published on 26. May was published on how he started Bitcoin. He also shared his views on Ethereum and Dogecoin, as Bitcoin News previously reported. Druckenmiller founded Duquesne Capital in 1981. In 2000, he managed George Soros’ money as the lead portfolio manager of the Quantum Fund. He and Soros made huge profits betting against the British pound in 1992. When the price of bitcoin rose from $50 to $17,000, Druckenmiller said: I sat there, stunned, and confessed: I bought them every day. The billionaire investor continued his explanation: She was growing up, and – even though I didn’t think too much about it – I couldn’t accept the fact that she was growing up and wasn’t mine. I never owned it, from $50,000 to $17,000, I felt like an idiot. When the price of BTC fell to the $3,000 mark, two events prompted Druckenmiller to invest in the cryptocurrency. The first is that he recognized the problem that bitcoin solves. Initially, he said cryptocurrencies were a solution in search of a problem, but at the time he didn’t know what that problem was. Then I discovered a problem, he exclaimed, adding that it was when we adopted CARES and Chairman Powell started crossing all sorts of red lines about what the Fed can and cannot do. Druckenmiller stated: The problem is that Jay Powell and the central bankers of the world have gone crazy and made fiat currency even more dubious than it already was when I owned gold. The second thing that convinced him to buy bitcoin was a phone call from billionaire hedge fund manager Paul Tudor Jones. I got a call from Paul Jones, he recalls. Jones told him: Did you know that when bitcoin went from $17,000 to $3,000, 86% of the people who owned it at $17,000 never sold it? Druckenmiller admitted: In my mind, it was huge. So, here’s something that is in limited supply and 86% of the owners are religious fanatics. I mean, who the hell keeps anything between $17,000 and $3,000? And it turns out that none of those 86% sold it. Then there is the new phenomenon of central bank madness. While he was unsure whether to buy bitcoins, the price reached $6,000. Then Druckenmiller started buying: I just have to buy some, because those west coast kids are already worth more than me, and they’ll be making a lot more than me in the future. For some reason they see this thing the same way I’ve always looked at gold, as a store of value when I don’t trust fiat currency. The billionaire investor went on to talk about the obstacle he faced when trying to buy BTC. That’s funny. I tried to buy $100 million worth of bitcoins for $6200. It took me two weeks to buy $20 million. I bought the set for about $6,500, I think, he recalls. He thought it was ridiculous, considering it would take him two seconds to buy that much gold. Druckenmiller then confessed to what he had done: So, like an idiot, I stopped buying it. The next thing I know, it was trading at $36,000. Druckenmiller added: I cover all my expenses, and I have some more. He admitted: I never had the heart for it, insisted the 68-year-old dinosaur. But he realized that once it started and these institutions started pulling him up, I could see the old elephant trying to get through the keyhole, and they couldn’t get through in time. Last November, Druckenmiller said bitcoin could become an attractive store of value that outperforms gold. He also believes that the U.S. dollar is likely to lose its status as a reserve currency in 15 years. Jones also said last year that he saw huge growth potential in bitcoin, similar to investing in the early years of Apple or Google. He went on to say: I have come to the conclusion that bitcoin will be the best defensive and inflationary trade you will ever make. What do you think of Stan Druckenmiller’s investment in bitcoin? Let us know your comments in the section below. Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.When it comes to Bitcoin, the first question most people ask is “is it an investment?” and the second is “is it a currency?” The answer depends on who you ask. But for hedge fund manager Paul Tudor Jones, the answer is a resounding “yes”. Tudor Jones told Bloomberg last week that he has invested in the cryptocurrency, and that his reason for doing so was tied to bitcoin’s underlying technology rather than pure speculation. This isn’t his first foray into trying to understand bitcoin; in 2014, he famously described the cryptocurrency as “a bubble that’s going to burst”.. Read more about paul tudor jones net worth and let us know what you think.
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