A Legendary Billionaire Just Flipped On Bitcoin Amid $300 Billion Ethereum, XRP And Crypto Price Boom

bitcoin
btc
has been on a winning streak lately, soaring nearly 25% over the last month as traders bet on an imminent $48.3 trillion price earthquake.

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Bitcoin price boom, taking bitcoin to its highest level since summer 2022 and helping ethereum, XRP
XRP
and the overall crypto market adds around $300 billion in value since mid-September, It comes amid growing fears of "wartime global inflation."

Now, legendary billionaire investor Stanley Druckenmiller has admitted that he should have bought bitcoin, calling it a strong "brand" similar to gold.

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"To be honest, I don't own any bitcoin, but I should," said Druckenmiller, a former hedge fund manager who founded family office Duquesne Capital. said Fellow hedge fund manager Paul Tudor Jones last week at an investors conference in New York.

"I'm 70 years old and I own gold," Druckenmiller said. "I was surprised that Bitcoin started, but... it's clear that young people see it as a store of value because it's much easier to do things with it and, at 17, for me, it's a brand. [But] "I like gold because it's a 5,000-year-old brand," Druckenmiller said, referring to the fact that Bitcoin was only created in 2008.

Bitcoin and gold have become two havens for investors this year, and the price of bitcoin has doubled since January.

Earlier this month, Jefferies analysts warned that the Federal Reserve will be forced to restart its money printer.Potentially collapsing the US dollar and fueling a bitcoin price boom to rival gold.

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Jones, who set the cryptocurrency world on fire in May 2020 when he named Bitcoin the "fastest horse" to beat the inflation he saw coming, said CNBC in an interview earlier this month that the conflict between Israel and Hamas in the Middle East and "probably [the U.S.'s] weakest fiscal position since World War II," means it is doubling down on bitcoin and gold.

Druckenmiller, who previously said he owns bitcoin but is now believed to have sold it, also criticized Treasury Secretary Janet Yellen for not refinancing US debt when rates were at rock bottom during the Covid pandemic.