- Bitcoin is still seen by some as a scam or something with little intrinsic value.
- But this is changing, with prominent institutional investors and billionaires backing Bitcoin.
- Here’s a brief recap of some of the many billionaires that are big on Bitcoin.
Bitcoin Has a List of Billionaire Backers
Bitcoin is still seen by some as a scam or something with little intrinsic value. But this is changing, with both retail investors and prominent institutional investors starting to wake up to Bitcoin and cryptocurrencies as a whole.
Here’s a brief recap of some of the many billionaires that are big on Bitcoin:
- Stanley Druckenmiller, a billionaire asset manager known for predicting the 2008 Great Recession. His net worth is estimated to be over $4 billion.
- Paul Tudor Jones, a friend of Druckenmiller and also a billionaire asset manager.
- Jack Dorsey, CEO of Square and Twitter simultaneously. Dorsey has pioneered Square’s entrance into the cryptocurrency space, calling Bitcoin the world’s most likely contender to be a native currency of the internet.
- Abigail Johnson, the CEO of the world’s largest asset manager Fidelity Investments. She has been mining Bitcoin since 2014 and pushed the firm into the cryptocurrency space with a prime brokerage service.
- Chamath Palihapitiya, a Canadian-American venture capitalist that once held 5% of the Bitcoin supply with a number of partners. He is the chairman of Virgin Galactic as well.
Damn good group of investors if you ask me.
— Yano (@JasonYanowitz) November 9, 2020
Stanley Druckenmiller Might be the Biggest One Yet
Some have argued that Stanley Druckenmiller’s endorsement of Bitcoin may the biggest one yet.
On Monday, the billionaire Wall Street investor took to CNBC to talk about his thoughts on markets. Widely regarded as one of the world’s best asset managers, Druckenmiller said that he thinks Bitcoin may be a better bet on inflation than gold. He did admit that he owns more gold than he owns Bitcoin on a dollar basis, but that he expects BTC to catch up in terms of its price action.
The investor added the coin has “a lot of attraction in it” from millennial investors and “West Coast money.”
First PJT, now Druckenmiller pic.twitter.com/ZOX4eEZKas
— Rob “Crypto Bobby” Paone (@crypto_bobby) November 9, 2020
Commenting on this news story, Raoul Pal, CEO of Real Vision and a friend of Druckenmiller’s, said:
“The significance of the world’s greatest and most respected money manager – Stan Druckenmiller saying just now that he is long bitcoin can not be overstated. That has removed every obstacle for any hedge fund or endowment to invest…”
Many investors right now are hesitant to buy Bitcoin because they think it is a scam or something that “normal” investors should not own. But with one of the best investors in the world endorsing Bitcoin, capital allocations to this space could trend higher rapidly.
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