Stan Druckenmiller Says Advantage Crypto, Come Recession Next Year
American investor Stan Druckenmiller is confident of a recession happening in 2023. He expects a recession next year followed by markets that may stagnate for a decade thereafter. Meanwhile, Stan Druckenmiller predicted a bright spot for crypto if central banks continue to lose trust, amid a bear market atmosphere. His prediction comes at a time when there are rising concerns of a possible recession environment in coming future.
Stan Druckenmiller Crypto Prediction
Druckenmiller made the comments while speaking at the CNBC Delivering Alpha conference in New York on Wednesday. He indicated there was a high chance of a recession environment next year. adding that it could be really bad. The investor explained that the stock market scenario could continue to operate in the current mood. Despite the difficult conditions, he said there could be scope for profit making.
“I would be stunned if we didn’t have a recession in 2023. I don’t rule out something really bad. The stock market would be at a relatively similar level in a decade to what it is now.”
He added that the current environment still provides for money making opportunities. More importantly, he expressed a positive outlook for cryptocurrencies. Cryptocurrencies could benefit if distrust in central banks swells, Stan Druckenmiller explained. This prediction bodes well for the average retail customer in crypto ecosystem, who had many issues to deal with in terms of tokenomics this year.
Bitcoin Outperforms Traditional Market Assets
In this context, the top cryptocurrency dominated the traditional market assets in recent times. Bitcoin, with a growth of 0.8% against the U.S. Dollar, outclassed both U.S indexes and gold in September. However, the overall crypto market suffered a dip thanks to the dip in Ethereum price. ETH’s price drop following The Merge came as a disappointment for the crypto ecosystem which was looking for a price rally.
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