Investing magnate Stanley Druckenmiller shared his thoughts about the meme cryptocurrency Dogecoin (DOGE), which recently took the crypto market by storm.
The CEO of Duquesne Family Office reveals during an interview with The Hustle that he is not all interested in the coin, which was created in 2013 as a joke but is now the seventh-largest cryptocurrency by market capitalization.
Druckenmiller said that he does not monitor the development of the Dogecoin and is not at all bothered by the changing value of the cryptocurrency.
He underlined that he would only go crazy when the price of Bitcoin (BTC) goes up, and he did not own the benchmark cryptocurrency, but with Dogecoin, he says that he just laughs when the price of the token goes up.
“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.”
Manifestation of the craziest monetary policy in history
Druckenmiller said that Dogecoin and non-fungible tokens (NFTs) are alike in that both are a manifestation of the craziest monetary policy in history.
“[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.”
Druckenmiller shares his views on Dogecoin as the value of the cryptocurrency surged this year, thanks to billionaire Elon Musk who actively promotes and supports the token.
The Tesla chief executive often posts Dogecoin memes and endorsements on social media, helping push the popularity of the cryptocurrency.
In February, the value of DOGE rose by 37% over just 24 hours after Musk and other celebrities tweeted about the token. The coin’s popularity skyrocketed again this month after Musk announced that his electric vehicle company would no longer accept Bitcoin as payment and considers Dogecoin as a potential replacement.