Stanley Printmiller last demonstrated in 2008 that he “can handle a crisis”. Now the former head manager of the Soros hedge fund Quantum Fund sees the next crisis approaching – and Bitcoin as a possible hedge against it.
Henry Druckermiller has opened up to Bitcoin Code. Compared to the US news broadcaster, the founder of the former hedge fund Duquesne Capital granted digital gold the potential to be an attractive store of value, especially for millennials.
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The almost 12-year history of Bitcoin has shown that the demand for digital gold is higher than the supply.
The Bitcoin story is very simple. It’s about supply and demand. Bitcoin’s supply is growing about 2.5 percent annually, and demand is growing faster than that.
The self-proclaimed dinosaur holds Bitcoin himself to protect himself against the devaluation of the US dollar. However, gold still makes up the largest part of his „dollar decline basket“.
Good for Bitcoin? Corona vaccine could overheat economy
The self-proclaimed dinosaur holds Bitcoin himself to protect himself against the devaluation of the US dollar. In view of the macroeconomic situation, printing miller is inevitable that inflation will come:
Look at the extraordinary measures the Fed has taken […]. I think it is very likely that we will have inflation in the next five or six years. In a year or two – especially with a vaccine – the economy could be very hot. At the same time, all stimulus packages are in the pipeline and the strained supply chains between the US and China.
Druckermiller justifies this with the fact that gold has already proven itself as an asset and protection against inflation for 5,000 years. However, he admits that Bitcoin is potentially the more lucrative bet against the US dollar:
I hold a lot, a lot more gold than Bitcoin. But if the gold bet works out, the Bitcoin bet probably works out even better because it is thinner, more illiquid and has a better data base.