American billionaire investor Stanley Druckenmiller warned the U.S. economy will slip into recession next year, and said that he would rather “own more bitcoin (BTC) than gold” amid rising inflation.
Druckenmiller, founder of hedge fund Duquesne Capital, also said “we are six months into a bear market…it’s highly probable that the bear market has a ways to run” and that the stock market rout was not over just yet.
Speaking at the virtual 2022 Sohn Investment Conference last Thursday, Druckenmiller said most indicators pointed toward an economy heading south.
“Inflation has never come down without a recession and I think a recession is in the cards,” said the billionaire, in an interview with Stripe co-founder John Collison.
Last week, the U.S. Labor Department reported that the annual inflation rate rose to 8.6% in May – its highest level since 1981.
“Given the extent of the asset bubble and the destruction in the markets; given what’s going on in Ukraine, given the zero Covid...
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