Stan Druckenmiller, a well-known investor, has expressed his thoughts on dogecoin and ethereum. He claimed he wouldn’t invest in dogecoin long or short, and he chuckles when the meme cryptocurrency’s value climbs. He is doubtful about ether’s ability to maintain its dominance.
Famous investor Stanley Druckenmiller discussed bitcoin, ether, and dogecoin, the meme cryptocurrency that has lately taken the market by storm, in an interview with The Hustle last week.
Duquesne Capital was created by Druckenmiller in 1981. Until 2000, he worked as the primary portfolio manager for George Soros’ Quantum Fund. In 1992, he and Soros won a fortune betting against the British pound.
Dogecoin, according to the wealthy investor, is “exactly like NFTs [non-fungible tokens].” It’s a representation of the world’s most insane monetary policy.” “I don’t see the use of it right now because there’s no constraint on supply,” he continued. In the Greater Fool Theory, it’s basically this swell of cash.” According to Druckenmiller,
Now having said that, I wouldn’t short it because I don’t like putting campfires out with my face. So I just try and pretend DOGE doesn’t exist. I think so little of it, it doesn’t even bother me when it goes up.
He continued: “When bitcoin used to go up, I’d go crazy because I didn’t own it. When dogecoin goes up, I just start laughing. Don’t go long and don’t go short. I mean, you know, unless you like going to Vegas, then I guess it’s okay.”
“I think bitcoin has won the store of value game,” Druckenmiller said of bitcoin vs. ethereum, since it is “a brand, it’s been there for 13-14 years, [and] it has a finite supply.” When asked if other cryptocurrencies will replace bitcoin, he said BTC is “going to be very, very tricky to unseat.”
While recognizing that “ethereum would be the leader in smart contracts and that type of things,” he added:
I’m a little more skeptical of whether it can hold its position. It reminds me a little of Myspace before Facebook. Or maybe a better analogy is Yahoo before Google came along.
“Google wasn’t that much quicker than Yahoo, but it didn’t have to be,” he explained. The only thing it needed was to be a little faster, and the rest is history.”