Stanley Druckenmiller Said He Would Rather “Own More Bitcoin Than Gold”

American billionaire investor Stanley Druckenmiller has predicted that the United States will enter a recession next year, and has stated that he would rather “own more Bitcoin (BTC) than gold” in the face of growing inflation.

Druckenmiller, the founder of hedge fund Duquesne Capital, also said “we are six months into a bear market…it’s highly probable that the bear market has a way to run” and that the stock market rout was not over just yet.

Speaking at the virtual 2022 Sohn Investment Conference last Thursday, Druckenmiller said most indicators pointed toward an economy heading south.

“Inflation has never come down without a recession and I think a recession is in the cards,” said the billionaire, in an interview with Stripe co-founder John Collison.

Last week, the U.S. Labor Department reported that the annual inflation rate rose to 8.6% in May – its highest level since 1981.

“Given the extent of the asset bubble and the destruction in the markets, given what’s going on in Ukraine, given the zero Covid policy in China…I strongly assume we are going to have a recession sometime in 2023,” Druckenmiller predicted.

The 68-year-old investor, who is credited with pioneering an investment method known as “macro trading” with fellow billionaire George Soros, was questioned if the crypto business has begun to affect other asset classes.

“I don’t know whether I’m seeing it but I expect it to. You can’t build over $2 trillion in wealth in purchasing power and then take $1 trillion out and not matter. There certainly seems to be a strong correlation between crypto and the Nasdaq so I’m looking at that as an indicator that way.”

Continuing, Druckenmiller, who boasts an estimated net worth of $10 billion, said:

“I will be very surprised if blockchain isn’t a real force in our economy say 5 to 10 years from now. I find crypto interesting and I’m monitoring it. If we are going to have an inflationary bull market I would want to own more Bitcoin than gold, but if it’s in a bear phase for other assets, you want to own gold.“

Druckenmiller’s comments followed close on the heels of similar sentiments by another hedge fund billionaire Ray Dalio, who reiterated that “cash is trash” and equities “trashier.”

The Bridgewater Associates founder said he preferred “a digital gold like Bitcoin” instead.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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