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While comparing Dogecoin to NFTs, Druckenmiller said that the meme-cryptocurrency has got an unlimited supply and that he doesn’t see much utility for DOGE going ahead. He said that it doesn’t bother him if DOGe price goes up or down.
Meme-cryptocurrency Dogecoin (DOGE) has drawn significant investor attention with its massive rally this year. Dogecoin (DOGE) made its way to the top ten cryptocurrencies and still continues to hold the No. 7 rank trading at $0.30 as of now. In his recent interview with The Hustle last week, billionaire investor Stanley Druckenmiller shared his views on the meme cryptocurrency. Putting it out in a straightforward message Druckenmiller said that he’s not at all interested in Dogecoin. He also added that he doesn’t find any utility for the cryptocurrency as of now.
Druckenmiller Speaking on Dogecoin
The billionaire investors said that Dogecoin “is just like NFTs [non-fungible tokens]. It’s a manifestation of the craziest monetary policy in history.” “I think since there’s no limit on supply, I don’t really see the utility of it right now. It’s just this wave of money in the Greater Fool Theory,” added he.
Druckenmiller further added that he has never monitored the development of Dogecoin. Besides, he never sees its changing values at any given time. Interestingly, he added that he wouldn’t short it either adding that “I don’t like putting campfires out with my face”. The billionaire investors further added:
“So I just try and pretend DOGE doesn’t exist. I think so little of it, it doesn’t even bother me when it goes up. When bitcoin used to go up, I’d go crazy because I didn’t own it. When dogecoin goes up, I just start laughing. Don’t go long and don’t go short. I mean, you know, unless you like going to Vegas, then I guess it’s okay.”
Expressing ‘Skepticism’ for Ethereum
During the interview, Druckenmiller discussed the popular subject of Bitcoin vs Ethereum. The billionaire investor believes that Bitcoin has won the “store of value game”. He believes that Bitcoin has established itself as a “brand” and been there in the market for 13-14 years. Moreover, he further added that it’s going to be very difficult for other cryptocurrencies to “unseat” Bitcoin.
Druckenmiller said that Ethereum can be the leader in smart contracts. However, he expressed his skepticism about the project. The billionaire investor said:
“I’m a little more skeptical of whether it can hold its position. It reminds me a little of Myspace before Facebook. Or maybe a better analogy is Yahoo before Google came along. Google wasn’t that much faster than Yahoo, but it didn’t need to be. All it needed to be was a little bit faster and the rest is history.”
There have been projects in the market competing with Ethereum. However, the sheer size of DeFi, DApps, and NFTs that Ethereum handles is exemplary and unbeatable at this stage.