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one ben here and welcome to motivation to invest in this video i'm going to reveal the legendary billionaire trader stanley drucker miller's thoughts on investing into cryptocurrency does this legendary trader own bitcoin years ago i said more than once um crypto and bitcoin are a solution in search of a problem right so what the hell are these people all looking for we already have that it's called the dollar right okay so for the first move in bitcoin i think it went from what 50 bucks to 17 000 i just sat there aghast and by the way consistent with our earlier conversation i wanted to buy it every day it was going up even though i didn't i didn't think much of it i just couldn't stand the fact that it was going up and i didn't own it so um fast forward i i never owned it from like fifty dollars to seventeen thousand felt like a then it goes back down to three thousand again and then a couple things happen and this this is consistent with the fundamental and then let's make something go up or down so solution in search of a problem i found the problem when we did the cares act and chairman powell started crossing all sorts of red lines in terms of what the fed would do and wouldn't do the problem was jay pal and the world central bankers going nuts and making fiat money even more questionable than it already been when i used to own gold then the second thing that happened is i got a call from paul jones and he says to me uh do you know that when bitcoin went from 17 000 to 3 000 86 of the people that owned it at 17 000 never sold it well this was huge in my mind right here's something with a finite supply 86 percent of the owners are religious zealots i mean who the hell holds something through 17 000 to three thousand and it turns out none of them you know eighty six percent of people never sold it and i had this new central bank craziness phenomena the other thing that happened um it had been you know it had a few more years under its belt so it goes up to 6 000 in the middle of the last spring and i go well i got to buy some of this just because these kids on the west coast that are already worth more than i am and they're going to be making a lot more money than me in the future for some reason they're looking at this thing the way i've always looked at gold which is a store of value if i don't trust fiat currencies um and then the thing that paul told me and then the fact that it had been around 13 years it had become a brand right so it's funny i tried to buy a 100 million at 6200 it took me two weeks to buy 20 million i bought it all around 6 500 i think and i said this is ridiculous you know it takes me two weeks i can buy that much gold in two seconds so like an idiot i stopped buying it um next thing i knew uh the things trading at thirty six thousand uh i took my costs and then some out of it and i still own some of it my heart's never been in it i'm a 68 year old dinosaur but once it started moving and these institutions started upping it i could see the old elephant trying to get through the keyhole and they can't fit through in time um i own this company called palantir and i see they announce with their earnings today they're going to start accepting bitcoin and they may invest that's happening all over the place and you know this thing is never going to have more than 21 million it's it's a it's a fixed supply so i think because it's a brand it's been around for 14 years because of the finite supply it has sort of won this store a value game is it going to beat gold i don't know it sure as hell doing a good imitation of it um the last year or two but is it going to beat the other cryptos in terms of digital gold store value i would say it's going to be very very tough to unseat then you go to what i call the commerce facilitators which obviously the lead in smart contracts and that kind of stuff would be ethereum there i'm a little more skeptical of whether they can hold their position it reminds me a little of my space before face facebook came along or maybe a better analogy yahoo before google came along google wasn't that much faster than yahoo but it didn't need to be all it needed to be was a little bit faster and the rest is history and i'm so impressed one of the ways we've always invested in the private sector is to try and figure out where the engineering kids from stanford and brown and mit where those kids are going and so many of them are in love with crypto and that's where they're going i i'm worried about the talent that's like 23 to 28 years old somebody we don't even know who they are yet coming up with a payment system or whatever and unseating so again i don't know but my guess is um the winner in the commerce facilitating alcohol whether you want to call it payments or smart contract whatever on there's a good chance that company hasn't even been in or that currency hasn't even been invented yet i think gold and bitcoin and bitcoin seems to be high beta gold are going to have the win behind them hi beta gold that's a never heard them so that is a fantastic uh terminology well it's so fantastic i'm wondering why the hell i didn't just own bitcoin two years ago instead of uh just gold it's a little bitcoin so uh just uh just to put the cherry on top of the crypto combo you mentioned it once earlier dogecoin is it just to you ridiculous and elon's involvement in it like what how does what is your reaction to all that it's just a you know flex nfts it's just a manifestation of the craziest monetary policy in history right and i think since there's no limit on supply i don't really see the utility of this thing right now it's just this wave of money and the greater food theory um no no just enough now having said that i've i'm i wouldn't short it because i don't like putting campfires out with my face um so i just try and pretend dogecoin doesn't exist right i think so little of it it doesn't even bother me when it goes up right bitcoin used to go up i'd go crazy that i didn't own it when dogecoin goes up i just i just started laughing but to me it's all about jerome powell right and if you guys did find any value in this video at all feel free to give it a big thumbs up that helps out tremendously the channel and with that being said i hope you guys all have a tremendous day and i'll see you in my next video invest safe
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