Hedge fund legend Stanley Druckenmiller said during a recent appearance on CNBC that Bitcoin is here for the long run. According to him, it would be “very hard” to unseat the flagship cryptocurrency. Meanwhile, Ethereum could become the next Yahoo, with the possibility of another cryptocurrency stealing the spot light. He said:
Obviously, Ethereum has the lead in terms of smart contracts, in terms of commerce...Yahoo invented the search engine ... We all know what happened with Google versus Yahoo...It's just not probable in my mind that Ethereum is gonna be the ultimate winner...It's too early to call who's gonna be the winner in terms of payment systems, commerce, and that kind of stuff as opposed to the store of value where I think it will be tough to unseat Bitcoin.
Druckenmiller’s assertions are hinged on the Federal Reserve’s quantitative easing policy, which he believes is putting a strain on the U.S. dollar’s position as the global reserve currency. The hedge fund legend expects the greenback to lose its dominance in the next 15 years. If this happens, the most likely replacement could come from the cryptocurrency ledger system, and Bitcoin is currently leading the pack.