Billionaire investor Stanley Druckenmiller says it will be difficult to unseat bitcoin as the top store-of-value crypto asset, even as new challengers emerge daily

• Billionaire investor Stanley Druckenmiller told CNBC it will be hard to unseat bitcoin as the top store-of-value crypto asset.
• Druckenmiller has previously said he owns "some bitcoin."
• The investor also said it's too early to tell which crypto asset will dominate other use cases like transactions and smart contracts.
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Stanley Druckenmiller told CNBC on Tuesday he sees bitcoin likely dominating all other cryptocurrencies as a store of value asset.

"It's going to be very hard to unseat bitcoin, as a store of value asset, because it has a 14 year old brand, it's been around long enough, and obviously, there's a finite supply," Druckenmiller said.

Cryptocurrency experts note that bitcoin's limited supply, as well as its durability, divisibility, and portability, make it a great store of value, even better than gold. Newer cryptocurrencies may be able to process transactions more efficiently and serve as better forms of payment, but Druckenmiller suggested that bitcoin is here to stay as an investment asset class.

The head of Duquesne Family Office has disclosed that he owns "some" bitcoin, and has also said that owning bitcoin could be a good hedge against inflationary pressure.

Bitcoin was trading above $55,000 on Wednesday. It's down from it's all time high above $64,000, but it's still up almost 90% year-to-date.

Druckenmiller also said that while Ethereum currently has the lead in building smart contracts, it's not likely that the protocol will be the "ultimate winner" in becoming the crypto asset to dominate payment systems and other everyday contracts.

The investor said that there are so many upcoming young engineers who will likely build a better version of the blockchain technology. He highlighted how Facebook wasn't the first social media network, but dethroned earlier versions of social media sites.

"The quality of the competition that's going to come against the incumbents in this space is going to be brutal. That's why I think it's just too early to call who is going to be the winner when it comes to the payment system, commerce, that kind of stuff," said Druckenmiller.