American billionaire investor, hedge fund manager, and philanthropist Stanley Druckenmiller made it known that he has zero interest in Bitcoin (BTC) and would not allocate any of his $4.4 billion worth into the nascent digital asset, according to reports by Bloomberg on June 4.
Per the report, Druckenmiller was quoted in an interview with Scott Bessent, founder of Key Square Capital Management, stating that he wouldn’t be short or long Bitcoin, as he doesn’t understand why it’s a store of value.
Adding to this he said:
“I don’t think I’m a neanderthal, which is what I’ve been called when I’ve said I didn’t want to own Bitcoin.”
Moreover, in a previous interview with CNBC last December, Druckenmiller was also quoted as saying:
“What I do know about bitcoin is, the concept it could ever be a medium of exchange has been eliminated because you can’t do transactions, particularly retail transactions, with this kind of volatility.”
Druckenmiller is not alone with his stance on Bitcoin, as other naysayers from the financial realm have also recently expressed their lack of understanding of the digital asset.
One of these is the gold bug and financial commentator Peter Schiff, who last month proclaimed that nobody would want to be paid in Bitcoin and presented similar arguments to those of Druckenmiller in a debate with The Bitcoin Standard author, Saifedean Ammous.
Another Bitcoin naysayer is the legendary investor Warren Buffett, who previously called Bitcoin “rat poison squared” and claimed, “Bitcoin hasn’t produced anything.”
However, as IIB reports, Buffett is meeting with Tron (TRX) CEO Justin Sun after a $4.57 million bid for the billionaire investor’s charity lunch. Perhaps this meeting will change Buffett’s mind on cryptocurrencies and he will become Tron’s biggest supporter? Or not…
What’s it going to take for these billionaire investors to understand Bitcoin’s value proposition? Let us know what you think in the comment section below.