A Legendary Investor Becomes the Latest Bitcoin Bull
Plus Lebanon is the latest country to announce a digital currency
Happy Tuesday Blockfolians
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.
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Highly Relevant Reading
Lebanon is launching a digital currency in 2021
UK Treasury to publish draft legislation around stablecoins
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SEC Commissioner suggests regulations should move (a little) faster for crypto
More on the gold vs. bitcoin debate
Some good guidelines for the times ahead
A Really Big Number We Should Be Paying Attention To
That’s the number of years an ex-Microsoft dev was sentenced to for $10M in theft involving bitcoin mixing
This is insane.