A Legendary Investor Becomes the Latest Bitcoin Bull

Plus Lebanon is the latest country to announce a digital currency

Happy Tuesday Blockfolians

The Lede

In early September, billionaire investor Stan Druckenmiller took to CNBC to discuss what he saw as the “absolute raging mania” of monetary policy that, he believed, could drive inflation to as high as 5-6% in the US.

This week, he followed up that appearance with another one describing what he sees as good inflation hedges. Of course he talked about gold, but surprise surprise, he also discussed bitcoin - even going so far as to suggest that bitcoin might work better than gold (although he still held more gold than BTC).

This is a huge vote of confidence, accurately summed up by the tweets below:

This notion - that the social proof of someone like Druckenmiller opens up space for other investors to follow suit - may be the most bullish part of the whole story.

Enjoying Blockfolio’s Market Refresh? Sign up to have it delivered every day.


Highly Relevant Reading


Community Commentary

More on the gold vs. bitcoin debate
Some good guidelines for the times ahead

A Really Big Number We Should Be Paying Attention To

9

That’s the number of years an ex-Microsoft dev was sentenced to for $10M in theft involving bitcoin mixing


Final Thought

This is insane.