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Various companies have already started using Bitcoin as a store of value asset and are holding BTCs in their treasuries. Legendary fund manager Stanley Druckenmiller agrees with this view and even said that BTC will likely continue to dominate other cryptos in this aspect.
“It's going to be very hard to unseat bitcoin, as a store of value asset, because it has a 14-year-old brand, it's been around long enough, and obviously, there's a finite supply,” Druckenmiller told CNBC in an interview on Tuesday, according to Business Insider.
Various experts have already pointed out Bitcoin’s limited supply, portability, and divisibility as some of the factors that make BTC a great store of value asset, which some even view as better than gold. While newer digital currencies might be better at transaction processing and as a payment method, Druckenmiller said that Bitcoin’s status as an investment class asset will go unchallenged.
Druckenmiller also talked about Ethereum, which is currently the leader in DeFi when it comes to smart contracts. However, he said that it could be facing serious challengers down the line as upcoming young engineers would come up with better versions of the protocol.
“The quality of the competition that's going to come against the incumbents in this space is going to be brutal,” he explained. “That's why I think it's just too early to call who is going to be the winner when it comes to the payment system, commerce, that kind of stuff.”
Aside from cryptocurrencies, the billionaire investor also talked about the possibility of the U.S. dollar losing its reserve currency status. “If we’re going to monetize our debt and we’re going to enable more and more of this spending, that’s why I’m worried now for the first time that within 15 years we lose reserve currency status and of course all the unbelievable benefits that have accrued with it,” he said, according to Bitcoin.com.
