Stanley Druckenmiller is an American investor and a hedge fund manager of Duquesne Capital. The Billionaire says a crypto-derived ledger system will dominate USD as the reserve currency worldwide.
According to him, if there’s a need to replace the dollar tomorrow, a ledger-based system will take over. Stanley even mentioned that students from reputable institutions will likely rise in the future might design this system.
What Stanley Druckenmiller Told CNBC Squawk Box
The hedge fund boss had an interview with CNBC, and that’s when he disclosed his future forecasts. During the interview, Druckenmiller pointed out that crypto promoters always refer to it as a tool to hedge inflation, and given what’s going lately, it seems they were right.
Stanley pointed out that he once mentioned that crypto was already a “solution searching for a problem” He also pointed out that he didn’t participate in the first wave of the crypto run because he felt that it was unnecessary as the dollar was there.
Now, Stanley believes that crypto has found a problem to solve. There’s no trust in the central bankers, and the whole world is leaning towards a system that could solve the problem.
Stanley Embraces Crypto Investment
The billionaire may not have participated in the first run, but now, he’s investing in crypto, especially in Bitcoin. Earlier 2021, Stanley made a lot of bitcoin investments, as he revealed to the interviewers. He also told them that it’s unlikely that any crypto will usurp Bitcoin as the store of value in crypto assets.
According to Stanley, Bitcoin has been the boss for 14 years now, and the supply is finite. So, there’s no way to unseat the asset yet.
However, he stated that Ethereum might be ahead of the curve in building smart contracts, but it cannot take the lead in everyday transactions. Stanley thinks that upcoming developers will improve blockchain technology in the future and drop many solutions of today.
Stanley also noted that there’s tough competition coming against the incumbents. As such, no one should predict the leader of the pack in the commerce and payment system yet.
The billionaire also doesn’t believe that fiat currencies can replace USD either. According to him, Europe is a mess, and the Chinese don’t hold anyone’s trust yet.