Druckenmiller says Ethereum is 'MySpace before Facebook' while Bitcoin won as 'Google'
Billionaire investor Stanley Druckenmiller became the latest non-technical figure to cast aside doubts about Bitcoin’s staying power.
In an interview with The Hustle, Druckenmiller spoke about cryptocurrencies and expressed his view and compared the largest two crypto - Bitcoin and Ethereum.
“I think BTC has won the store of value game because it’s a brand, it’s been around for 13-14 years and it has a finite supply,” he said, “Is it going to be gold? I don’t know. It’s sure as hell doing a good imitation of it the last year or two.”
“I’m a little more skeptical of whether it can hold its position. It reminds me a little of MySpace before Facebook,” he added.
For Druckenmiller, Ethereum is to Bitcoin what MySpace is to Google.
“Or maybe a better analogy is 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,” he explained.
Several people have long pointed out that technically, Bitcoin and Ethereum have little in common. Bitcoin’s fixed supply and years of resistance to attacks place it in a different league than any other cryptocurrency, and comparing another one to it is an apples-to-oranges comparison.
Saifedean Ammous, the author of The Bitcoin Standard, said, “I generally think all the other digital currencies don’t really compete with Bitcoin and are in no way similar to Bitcoin,” famously told the Unchained Podcast back in August 2017.