Bitcoin FOMO is a real thing, and that can be seen when billionaires are getting involved. When prices go up, everyone wants a piece of it, and when it drops, it suddenly becomes a bubble. But for Stan Druckenmiller it was different. He said that he was feeling like a moron when the price of Bitcoin was going up, and he didn’t have any of it. This is what got him involved in the sector after the 2018 crash, he said in an interview with the hustle.
Stan Druckenmiller reason to invest in Bitcoin
Druckenmiller has been one of those who have been following Bitcoin for a long time. He said in the interview that he has seen the price of Bitcoin rising from $50 to $17,000 with his own eyes. And as this was happening, he wanted to but it every day, but he didn’t. And that was not a very good feeling. He felt like he lost the opportunity to invest in such an asset. But after that, when the price of Bitcoin crashed to $3000, he invested in the cryptocurrency.
Stan said that he realized what the problems that Bitcoin solved are. He saw that bankers are crossing lines, and so did the FED when they started the CARES act. This was one of the primary reasons for his investment. And the second reason was the talk he had with the hedge fund manager Paul Tudor Jones. He said that 86% of the owners of BTC at $17,000 never sold it. Considering that Bitcoin has a limited supply and there are solid HODLERS made him realize this is a big thing. After all his, till the time Druckenmiller decided that he wanted to buy the prices went up to $6000.
Stan’s thought on BTC
When he started to buy BTC, he thought that it would take him just a few seconds to buy $100 million of it. And then when he started buying, it took him 2 weeks to get $20 million down, and then he stopped. And in a blink of an eye, he saw the price jump to $36000. After the price shot up, Stan took out his costs and some profits while holding the rest. He also says that he has seen young kids look at Bitcoin as a store of value like he sees gold.
Stan also opened up, saying that his heart has never been it as he felt like an old dinosaur. He also said that Bitcoin has the potential to beat Gold. The US dollar will lose most of its value, according to him, in the next few decades or so. As of now, it is one of the best inflation trades, says Stan.
What are your thoughts on Stan’s take on Bitcoin? And do you think that the market FOMO is driving many new investors in the market? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
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