Prominent American hedge fund manager Stanley Druckenmiller wishes he had bought into the exploding Bitcoin (BTC) market.
At the Robin Hood NYC 2023 Fireside Chat, Druckenmiller first predicts that “something” will break in the US economy in 2024.
“Looking out, particularly in 2025, maybe in 2024 – you have to be open-minded to something breaking [in the US economy]…
We’re starting to hear anecdotal evidence for the first time. It started about five weeks ago. But on the margin, things are getting softer.”
Druckenmiller did not provide any concrete examples of what might break but noted that it may involve the stock market.
When asked about his investment strategy for the stock market, Druckenmiller says,
“[The Biden Administration’s economic stimuli] will create opportunity in the stock market. But that very stimulus puts pressure on rates, which will cause all sorts of other things within the stock market to break.”
Turning his attention to the flagship crypto BTC, the investor says he understands that BTC is becoming a legitimate store of value for the next generation. He only wishes he had realized that sooner.
“I’m 76 years old. I own gold. I was surprised that Bitcoin got going. But, you know – it’s clear that the young people look at it as a store of value because it’s a lot easier to do stuff with.
The young people have all the money… So, I like them both [BTC and gold].
I don’t own any Bitcoin, to be frank. But I should.”
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