Legendary investor Stanley Druckenmiller said dogecoin is a ‘manifestation of the craziest monetary policy in history’ in a recent interview. Here are 8 of his best quotes. | Currency News | Financial and Business News

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Stanley Druckenmiller, Founder, Duquesne Capital Management in New York, 2014.

  • Stanley Druckenmiller told The Hustle in a recent interview that dogecoin is the “craziest monetary policy in history.”
  • The billionaire investor also shared his thoughts on bitcoin, ether, and the biggest risk to the stock market right now.
  • He also predicted which FAAMG company will first hit a market capitalization of $5 trillion.
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Among the many things billionaire investor Stanley Druckenmiller believes in, dogecoin isn’t one of them.

In a recent interview with The Hustle, the investor said he does not keep tabs with the developments surrounding the meme cryptocurrency, which started as a joke in 2013.

“I just try and pretend doge doesn’t exist,” he told The Hustle. “I think so little of it, it doesn’t even bother me when it goes up.”

Dogecoin has risen at a blistering pace so far this year, soaring more than 7,200%. The massive gains were due in large part to prominent figures like Elon Musk and Mark Cuban continuously backing the token.

Druckenmiller, the head of Duquesne Capital Management, also shared some of his thoughts on bitcoin, ether, and the recent tech sell-off.

Here are his 8 best quotes from the interview, lightly edited and condensed for clarity:

On dogecoin:

“[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. It’s just this wave of money in the Greater Fool Theory.”

On bitcoin:

“I took my costs and then some out of it and I still own some of it. My heart’s never been in it. I’m a 68-year old dinosaur, but once it started moving and these institutions started upping it, I could see the old elephant trying to get through the keyhole and they can’t fit through in time.”

On ether:

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.”

On the recent tech sell-off:

“Think of the tech stocks like a company selling railway ties and building the guts of the internet. When you’re building the railroad, your sales are going up +50, +60, or +70% a year. But once the railroad is built [you don’t need the railway ties anymore]. Your growth not only doesn’t go up 70%, it goes down because on a rate of change basis, you don’t need any more railroad ties.”

On the FAAMG company that would hit $5 trillion:

“If you put a gun to my head or we’re going to Vegas: Number 1 would be Amazon, number 2 would be Microsoft … I’ve never really believed Apple had the innovation to take you to the next level and it is mainly a hardware company … Google could have a big pop, ironically, if the government breaks them up because their core search business is literally the best business I’ve ever seen.”

On the market’s biggest risk:

Without a doubt: inflation strong enough that the Fed responds to it. No doubt about it. This bubble has gone long enough and it’s extended enough that the minute they start tightening, the equity market should go down a lot.”

On the effect of the recent Wall Street Bets craze:

“They’ll probably migrate away from some of the more radioactive names like GameStop. But I think it’ll actually end up being some core healthy information moving through the sharing network.”

On concentrating one’s bets:

When I’ve looked at all the investors (that) have very large reputations – Warren Buffett, Carl Icahn, George Soros – they all only have one thing in common. And it’s the exact opposite of what they teach in a business school. It is to make large concentrated bets where they have a lot of conviction.”

Read more: Glauber Contessoto became a ‘dogecoin millionaire’ this year. He explains why the recent drop does not shake his bullishness in the joke token – and shared his advice for new buyers.

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