Hedge fund billionaire Stanley Druckenmiller is warming up to idea of Bitcoin as a store of value, calling it "better than gold" in a CNBC interview earlier this week. Druckenmiller becomes the latest high-profile investor to give praises to Bitcoin for its security and deflationary properties. "Frankly, if the gold bet works the bitcoin bet will probably work better because it’s thinner, more illiquid and has a lot more beta to it," said Druckenmiller, reversing comments he made in when said he "didn't want to own bitcoin." Druckenmiller shut down his $12 billion hedge fund Duquesne Capital Management in 2010 after 30 years in business. He wrote a letter to investors saying, "the challenge of managing an enormous amount of capital [is] having a clear impact on my ability to perform, as well as my state of being," and now manages his money through a family office. Back in June 2019, he was still hesitant about why bitcoin had value and was relatively neutral, "I would neither long nor short bitcoin in any way." In this week's interview, however, he pointing to the Federal Reserve and the massive stimulative plans that will likely be required in 2021 to offset the economic damage by the coronavirus pandemic will push a lot of money towards alternative investments. Though he said his gold position is "many, many more times" larger than his bitcoin allocation, he still thinks bitcoin will outperform. "It has a lot of attraction as a store of value to both millennials and the new West Coast money and, as you know, they have a lot of it." Druckenmiller is anticipating up to a four-year decline in the dollar. Bitcoin has more than doubled so far in 2020, up to nearly $17,800 from its floor of $4,887 during March lockdowns.