Billionaire macro Investor Stanley Druckenmiller has called the Dogecoin price “A manifestation of the craziest monetary policy in history.”
Druckenmiller is well-known in investing circles, and when he speaks, people tend to take notice. Aside from being a lead portfolio manager for George Soros, his now-closed Duquesne capital managed over $12 billion of investor funds at its peak.
Speaking to to the Hustle , he gave his opinions on the populare meme coin.
When asked what he thought of the Dogecoin price rally this year , he laughed it off:
“I just try and pretend doge doesn’t exist,” adding, “I think so little of it, it doesn’t even bother me when it goes up.”
He went further in his damning assessment, laying some blame at the hands of the Central banks:
“It’s a manifestation of the craziest monetary policy in history. And I think since there’s no limit on supply, I don’t really see the utility right now. It’s just this wave of money in the Greater Fool Theory.
During the early part of 2021, the Dogecoin price gained over +15,000%, taking its market cap to just under $100 billion. The price has since retreated from its $0.7558 high on the 10th of May and last at $0.3408.
Will the warning of one of the world’s greatest money managers strike fear in the hearts of the cult-like DOGE following?
My guess is probably not. They will likely point out that it is still one of the best-performing assets on earth this year despite the recent decline.
Whether we will be saying that in a year from now remains to be seen
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