Stanley Druckenmiller is a recognized voice in the world of finance. He has a fortune of close to US $4,000 million.
The hedge fund manager predicted that the novelty will come from “some kind of ledger system invented by some kids at MIT or Stanford or some other engineering school.“
Druckenmiller is a recognized voice in the world of finance: he created Duquesne Capital Management and worked for George Soros, a duo that achieved worldwide repercussions when they bankrupted the Bank of England through operations that caused the British pound to sink in 1992. He has a fortune of close to $4,000 million.
In an interview, he further recalled that “five or six years ago I said that cryptocurrencies were a solution in search of a problem” and that now he realized that continued financial stimulus and hedging against inflation encouraged crypto. “The problem has already been clearly identified: it is Jerome Powell and the rest of the world, the central bankers. There is a lack of confidence. So groping for an answer.”
On the other hand, he estimated that “it will be very difficult to unseat Bitcoin as a store of value asset, because it has a 14-year mark, it has been around for quite some time and obviously there is a finite supply.”
And he pointed out that Ethereum, despite leading the execution of smart contracts, will not dominate everyday transactions.
Both, he argued, will face great competition, and for that reason “it is too early to say who is going to be the winner when it comes to the payment system, trade and that kind of thing.”
However, the billionaire rules out that alternative fiat currencies will take over from the dollar in the future. “Europe is a complete mess and … who is going to trust the Chinese?”, he asked himself.