Bitcoin is a store of value that could rival gold - Stanley Drunkenmiller

- Billionaire investor Stanley Drukenmiller has become the latest veteran of the financial industry to speak positively about Bitcoin , likening the top crypto to gold and saying that it has now established itself as a brand that could survive for a long time.

Bitcoin’s price increased nearly 25% over the past month to hit its highest level since the summer of 2022, largely due to speculation that a spot BTC exchange-traded fund could be passed within the next few months after years of denial by the Securities and Exchange Commission . “I’m 70 years old, I own gold,” he said. “I was surprised that Bitcoin got going, but you know, it’s clear that the young people look at it as a store of value because it’s a lot easier to do stuff with; 17 years, to me, it’s a brand.”

Acknowledging that he “should” hold Bitcoin is evidence that the investing landscape is beginning to shift towards the younger generations that grew up as digital natives and are looking to upgrade the way they make payments. While speaking with CNBC earlier in October, Jones said that the Israel-Hamas conflict in the Middle East, combined with "probably weakest fiscal position since World War II," means he's doubling down on his investments in Bitcoin and gold.

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