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The $300 billion Ethereum, XRP, and cryptocurrency price boom has caused a legendary billionaire to switch to Bitcoin


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    Bitcoin BTC has been on a winning streak lately, rocketing almost 25% over the last month as traders bet on a looming $48.3 trillion price earthquake.

    Subscribe now to Forbes' CryptoAsset & Blockchain Advisor and successfully navigate the bitcoin and crypto market rollercoaster ahead of next year's historical bitcoin halving!

    The bitcoin price boom, pushing bitcoin to its highest level since the summer of 2022 and helping ethereum, XRP XRP and the wider crypto market add around $300 billion of value since mid-September, comes amid growing fears of "global wartime inflation."

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

    Bitcoin's historical halving that's expected to cause crypto price chaos is just around the corner! Sign up now for the free CryptoCodexA daily newsletter for traders, investors and the crypto-curious that will keep you ahead of the market

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    The bitcoin price has rocketed this year, climbing alongside gold as high risk stocks suffer, ... [+] helping to boost the price of ethereum, XRP and other major cryptocurrencies.

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    "I don't own any bitcoin to be frank but I should," Druckenmiller, a former hedge fund manager who founded family office Duquesne Capital, told fellow hedge fund manager Paul Tudor Jones last week at a New York investor conference.

    "I'm 70 years old, I own gold," Druckenmiller said. "I was surprised bitcoin got going but ... it's clear the young people look at it as a store of value because it's a lot easier to do stuff with and 17 years, to me, it's a brand. [But] I like gold because it's 5,000 year-old brand," Druckenmiller said, referring to bitcoin only being created in 2008.

    Bitcoin and gold have emerged as twin bolt-holes for investors this year, with the bitcoin price doubling since January.

    Earlier this month, Jefferies' analysts warned the Fed will be forced to restart its money printer—potentially collapsing the U.S. dollar and fueling a bitcoin price boom to rival gold.

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    MORE FROM FORBES'Global Wartime Inflation'-Shock $25 Trillion Predicted Fed Flip To 'Trigger' A $1 Million Bitcoin, Ethereum, XRP And Crypto Price BoomBy Billy Bambrough

    The bitcoin price has rebounded this year after a brutal 2022, helping the wider crypto market, ... [+] including ethereum and XRP, surge.

    Forbes Digital Assets

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

    Druckenmiller, who has previously said he owns bitcoin but is now thought to have sold, also criticized Treasury secretary Janet Yellen for failing to refinance U.S. debt when rates were at rock bottom lows during the Covid pandemic.

    Sources


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