Bitcoin’s fame as digital gold has increased this year, with a number of large-profile investors calling it an arising inflation hedge.
The bitcoin value has increased more than twice so far through 2020, rising to nearly $16,000 per bitcoin this week and sparking jubilation between long-suffering bitcoin buyers.
After a billionaire, Bill Miller said he "strongly" advises to buy bitcoin last week, billionaire and U.S. investor Stanley Druckenmiller has admitted he now owns also bitcoin—stating he's "warmed up to" the cryptocurrency as a store of worth.
"Bitcoin could be an asset class that has a lot of attraction as a store of value to both millennials and the new West Coast money and, as you know, they got a lot of it," Druckenmiller, who, along with George Soros, famously bet toward the British pound in 1992 and earned large profits, said CNBC this week.
"It’s been around for 13 years and with each passing day it picks up more of its stabilization as a brand."
Druckenmiller, after created titles last week for his bearish viewpoints on the U.S. dollar, said he assumes his bitcoin bet to "work better" than gold, though he has more gold that is "many, many more times" bigger than his bitcoin holding right now.
Right now the cost of gold is just below its all-time high of around $2,000 an ounce began earlier this year, adding nearly 30% over the last 12 months and profiting from several of the same trends that have raised bitcoin through 2020—concerns about the coronavirus pandemic, lower-for-longer interest rates, and inflation worries.
"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," told Druckenmiller, turning remarks he did in 2018 when told he "didn't want to own bitcoin."
The giant of payments- Paypal said last month that it intends to let its 346 million customers purchase and use bitcoin along with a handful of other major cryptocurrencies, while payments firm Square, led by the CEO of Twitter, Jack Dorsey, told it has added $50 million worth of bitcoin to its corporate accounts.
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