Stablecoins Could Power Global Payments: Druckenmiller

Billionaire investor Stanley Druckenmiller said blockchain-based tokens, particularly stablecoins, could power the global payments system within 10 to 15 years. In an interview with Morgan Stanley recorded on Jan. 30, he called them "incredibly useful in terms of productivity" and said they are more efficient, faster and cheaper than existing solutions.

He remains unconvinced that cryptocurrencies like Bitcoin can function as a store of value. "It's a solution looking for a problem. I'm very sad that it ever happened," he told Morgan Stanley, adding that "it wasn’t needed," though crypto has become a brand some people love and thus a store of value to them.

He has said he does not own any Bitcoin but that he should, and in October 2023 compared Bitcoin unfavorably to gold, which he described as a "5,000-year-old brand." Druckenmiller founded Duquesne Capital Management in 1981 and closed the fund in late 2010; during that time he achieved an average annual return of 30% and never experienced a down year.

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