Wow! This Billionaire Calls Stocks And Crypto Are Bubble

Crypto and stocks are called being in a bubble (TheDataScientist)

JAKARTA – A billionaire and CEO of Duquesne Family Office LLC, Stanley Druckenmiller discussed investment and bubbles at the Boston Investment Conference last week. Druckenmiller said that bubbles or bubbles are occurring in every asset that exists on Earth.

Previously, Druckenmiller was a managing director at Soros Fund Management in charge of the entire fund with a total asset value of US$22 billion. Forbes reports that Stan Druckenmiller's current net worth is $6.8 billion.

During the investor conference, Baupost Group CEO Klarman asked Druckenmiller a question. “If the bond market is a locked place for everyone and the bond market is in a bubble, then everything is a bubble, is that fair?”

“Yes, crypto, meme stocks, art, wine, equities… This bubble is in everything, every asset on the planet,” Druckenmiller replied.

“Everyone is trying to compare this to (the bubble in) '99. It was a bubble in technology and, in some ways, a worthy bubble because the market knew 20 years in advance of network effects and that a company could pop out of nowhere and have 2 billion subscribers. But it's a very, very narrow bubble," he said, alluding to the dot-com bubble.

In November 2020, Stan Druckenmiller admitted that he owns Bitcoin. He considered that crypto has the potential to be a store of value that can beat gold. In June 2021, he was contacted by billionaire Paul Tudor Jones about the potential. Jones revealed that he prefers Bitcoin over gold as a hedge against inflation, as reported by Bitcoin.com News.