Well-known hedge fund investor, Stan Druckenmiller announced on Monday that he owns bitcoin.
"If the gold bet works, the Bitcoin (BTC-USD) bet will probably work better" said Druckenmiller during a CNBC appearance.
Though he said his gold position is larger than his bitcoin allocation, Druckenmiller predicted his bitcoin would outperform gold.
He joins Paul Tudor Jones, Jack Dorsey, Michael Saylor, among other billionaires in putting a portion of their vast wealth in Bitcoin.
"Frankly if the gold bet works the bitcoin bet will probably work better because it's thinner, more illiquid and has a lot more beta to it. It has a lot of attraction as a store of value to both millennials and the new West Coast money, and as you know, they have a lot of it."
Druckenmiller has changed his stance on bitcoin over the last year. On June 11, 2019, he said: "I don’t understand why it’s a store of value."
A few weeks ago, a Bloomberg report revealed Druckenmiller was betting against the dollar. He has also said he anticipates a 3-4 year decline in the dollar.