Stanley Druckenmiller, a billionaire investor, previously revealed his opinions on the meme crytocurrency Dogecoin (DOGE), which has lately taken the cryptocurrency market by storm.
In a conversation with The Hustle, the CEO of Duquesne Family Office admits that he isn’t all that intrigued in the coin, which was founded as a joke in 2013 but is currently the seventh-largest digital currency by market capitalization.
Druckenmiller stated that he does not follow the growth of Dogecoin and is unconcerned by the digital currency’s fluctuating price.
He stated that he’d only become insane if the value of Bitcoin (BTC) increased and that he did not possess the benchmark digital currency; nevertheless, he claims that when the value of Dogecoin increases, he simply laughs.
“I wouldn’t short it because I don’t like putting campfires out with my face. 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…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.”
The embodiment of history’s most insane monetary policy
Dogecoin and non-fungible tokens (NFTs), according to Druckenmiller, are both manifestations of history’s wildest monetary policy.
“[Dogecoin] is just like NFTs. It’s a manifestation of the craziest monetary policy in history. And I think since there’s no limit on supply, I don’t really see the utility of [Dogecoin] right now.”
As the price of Dogecoin has risen this year, owing to billionaire Elon Musk’s active promotion and backing, Druckenmiller gives his thoughts on the digital currency.
Tesla’s CEO frequently shares Dogecoin memes and praises on social networks, boosting the digital currency’s reputation.
DOGE’s price increased by 37 percent in only 24 hours after Musk and other personalities posted about it in February. After Elon Musk revealed that his electric car firm will no longer take Bitcoin as payment and would instead investigate Dogecoin as a possible substitute, the coin’s reputation spiked once more in the month.