Ledger-based system can replace USD worldwide, according to billionaire Druckenmiller

Stanley Druckenmiller, billionaire hedge fund manager, has predicted the possibility that a crypto-derived ledger system will overtake the US dollar as a global reserve currency. If there were to be a replacement for the US dollar, the hedge fund boss noted, it would be some ledger system invented by some youngsters from MIT or Stanford that could replace the dollar worldwide.

Or by another technical institution that does not even exist yet. In an interview with CNBC’s Squawk Box, he made the comments. Crypto is often promoted as a hedge against inflation, Druckenmiller noted, which has become more relevant in recent times. Druckenmiller indicated that people probably no longer remember his joke, but that he indicated five or six years ago that the crypto was a solution in search of a problem. Prognose Crypto Germany is popular.

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And for that reason, he did not bring crypto with him on the first wave, because according to him they already have the dollar. What should they be looking for, Druckenmiller wondered. However, he added that ongoing financial support was an issue and the issue has been clearly identified. He says it’s Jerome Powell and the rest of the world, Central Bankers.

Druckenmiller said there is a lack of confidence, so an answer is being sought for a central case. Druckenmiller reportedly invested in Bitcoin earlier this year. In addition, he told Squawk Box that he is unlikely to believe that Bitcoin will be eclipsed by other cryptocurrencies as the top store of value asset.

Druckenmiller indicated that it will be very difficult to dethrone Bitcoin as a stable asset. This is because it is a 14 year old brand, it has been around long enough and there is clearly a finite supply. Ethereum is of course leading the way, Druckenmiller noted, but when it comes to building smart contracts, he doesn’t see Ethereum dominating everyday transactions.

Druckenmiller is convinced that the next generation of developers will likely improve current blockchain technology, leaving the current solutions behind. According to him, the quality of the competition that the incumbents in this space will have to face will be brutal. Portugal crypto price prediction is popular.

He therefore believes that it is just too early to say who will be the winner when it comes to the payment system, trading and things like that. However, Druckenmiller does not see alternative fiat currencies replacing the USD. Because, according to him, Europe is a complete mess and no one will trust the Chinese.