US billionaire predicts long-term growth of crypto assets amid the collapse of the traditional economy

Stanley Druckenmiller noted that he is staying away from assets, including bitcoin and other cryptocurrencies, because of Fed policies

29.09.2022 - 14:55

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1 min

What’s new? US billionaire and Duquesne Capital hedge fund founder Stanley Druckenmiller said he sees a long-term opportunity for cryptocurrency growth, but for that the traditional financial system must collapse. According to him, digital assets can play a big role in reviving the economy because people will not trust central banks. Druckenmiller told CNBC during the Delivering Alpha Investor summit in New York.

CNBC interview

What else did Druckenmiller say? The billionaire said he is staying away from assets, including bitcoin and other cryptocurrencies. Druckenmiller attributed this to the fact that the US Federal Reserve (Fed) continues to tighten monetary policy. He added that the Fed's actions helped inflate “wildest raging asset bubble ever seen,” noting that such bubbles are often followed by economic collapse.

Who is Drakenmiller? An American billionaire investor and founder of Duquesne Capital who is considered one of the most successful managers on Wall Street. Until 2000, he managed the hedge fund Quantum Fund. His personal fortune is estimated at $6,4 billion (according to Forbes).

In June, Drakenmiller recommended buying bitcoins. In his opinion, the US economy is on the verge of a recession, which will begin in 2023.

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