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(Kitco News) - Billionaire investor Stanley Druckenmiller has become the latest veteran of the financial industry to speak positively about Bitcoin (BTC), likening the top crypto to gold and saying that it has now established itself as a brand that could survive for a long time.

Druckenmiller made the comments during an interview with fellow hedge fund manager Paul Tudor Jones, confessing that he is experiencing a serious case of FOMO (fear of missing out) after missing out on buying Bitcoin at lower levels.

“I don’t own any Bitcoin, to be frank, but I should,” he said, hinting at a possible shift in his investment strategy.

Bitcoin’s price increased nearly 25% over the past month to hit its highest level since the summer of 2022, largely due to speculation that a spot BTC exchange-traded fund (ETF) could be passed within the next few months after years of denial by the Securities and Exchange Commission (SEC).

This has brought renewed interest in the top crypto amid broader concerns related to geopolitical uncertainty and worsening global economic conditions. While the U.S. dollar remains firmly fixed as the global reserve currency, the fact that the U.S. is now $33.6 trillion in debt, with no signs of reversing the debt hole on the horizon, has prompted many investors and sovereign funds to seek out assets that can preserve their purchasing power in the event of a currency collapse.

While veteran investors have traditionally turned to gold and silver and times like these, the younger crowd has taken a liking to Bitcoin, which Druckenmiller said is a trend that is not likely to end anytime soon.

“I’m 70 years old, I own gold,” he said. “I was surprised that Bitcoin got going, but you know, it’s clear that the young people look at it as a store of value because it’s a lot easier to do stuff with; 17 years, to me, it’s a brand.”

While gold remains the personal choice for Druckenmiller, he acknowledged that younger investors with value to store are increasingly opting for Bitcoin in the digital age.

“I like gold because it’s a 5,000-year-old brand, but the young people have all the money, certainly the ones on the West Coast,” he said.

Acknowledging that he “should” hold Bitcoin is evidence that the investing landscape is beginning to shift towards the younger generations that grew up as digital natives and are looking to upgrade the way they make payments.

He also noted that he had previously held Bitcoin but sold it in response to tightening measures imposed by central banks. He said people could turn to blockchain and digital assets if they lose faith in the central banking system, praising the technology and highlighting the potential for a ledger-based system to replace the USD as the world’s reserve currency.

The conversation was a welcomed one for Jones, who is a known cryptocurrency proponent. In May 2020, Jones delighted the crypto ecosystem when he said Bitcoin was the “fastest horse” to beat inflation he saw on the horizon.

While speaking with CNBC earlier in October, Jones said that the Israel-Hamas conflict in the Middle East, combined with "probably [the U.S.'s] weakest fiscal position since World War II," means he's doubling down on his investments in Bitcoin and gold.

Earlier in October, analysts at Jefferies warned that the Fed will be forced to restart its money printer, which could potentially lead to the collapse of the U.S. dollar and fuel a Bitcoin price boom to rival gold.

"G7 central banks, including most importantly the Federal Reserve, will not be able to exit from unconventional monetary policy in a benign manner and will ultimately remain committed to ongoing central bank balance-sheet expansion in one form or another," said Christopher Wood, global head of equity strategy at Jefferies. He referred to Bitcoin and gold as “critical hedges” against the potential for monetary policy that reduces the value of currency, as well as the return on inflation.

Wood said that a failure to “exit from unorthodox monetary policy in a benign manner is likely to culminate in the collapse of the U.S.-dollar paper standard to the benefit of both gold bullion owners and also owners of Bitcoin,” and emphasized that investments in both BTC and gold should be regarded by investors as insurance rather than short-term trades.

Jefferies went on to recommend that U.S. dollar-based long-term global investors, including pension funds, allocate 10% of their funds to Bitcoin.