Speaking about the 2013 meme digital currency dogecoin that took the market by surprise and in a stormy fashion, the billionaire said it is “just like NFTs. It’s a manifestation of the craziest monetary policy in history.” He seemed to criticize its unlimited supply, saying because of that, he doesn’t see any utility for it right now.
He added the crypto is just like this wave of money in the Greater Fool Theory. He was also quick to clarify he wouldn’t short dogecoin because he doesn’t “like putting campfires out” with this face. Druckenmiller even went as far as saying he tries to pretend it doesn’t exist and he thinks so little of it that it doesn’t even bother him when it goes up.
As far as the rivalry of the two leading cryptocurrencies is concerned, the billionaire investor thinks bitcoin emerged victorious in the store of value game, noting that it is already a brand and has been around for 13-14 years now and has a finite supply.
On the issue of other digital currencies replacing the alpha dog crypto, Druckenmiller believes bitcoin is “going to be very, very tough to unseat.”
Although he acknowledged ethereum scored a win in smart contracts and similar things, the investments figure admitted he is skeptical about it, saying it reminds him of MySpace before Facebook, or Yahoo before Google came along.
Bitcoin, ethereum and dogecoin are all still reeling from the beating they took when the market crashed this May.
According to CoinGecko, at press time, the three cryptos are trading at $35,862, $2,410, and $0.305, respectively. Both dogecoin and bitcoin are staring at significant percentages of price declines for the past seven days.
Image courtesy of Cointelegraph News/YouTube
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