Bill Miller Still Optimistic About Bitcoin's Future – What Secret Does He Know?

Bill Miller Still Optimistic About Bitcoin’s Future – What Secret Does He Know?

Blockchain news, News

Bill Miller is a well-known American investor, fund manager, and philanthropist. Despite the current crypto market catastrophe, which has caused the price of the most prominent cryptocurrency to drop by around 75% in comparison to its all-time high, Miller remains positive on Bitcoin.

In an interview that took place on Thursday with Barron’s, Miller stated that he is surprised that Bitcoin’s value has not decreased even further in the wake of the recent failure of FTX, which was once the third-largest cryptocurrency exchange in the world but filed for bankruptcy in early November. He said:

“I’m surprised Bitcoin isn’t at half of its current price given the FTX implosion. People have fled the space, so the fact that it’s still hanging in there at $17,000 is pretty remarkable.”

He said that the recent increase in interest rates could be to blame for at least some of the bad performance of Bitcoin’s price. “I would think that if and when the Federal Reserve starts to pivot [toward softer monetary policy], Bitcoin would do pretty well,” he continued. “I would expect that if and when the Federal Reserve begins to pivot [toward easier monetary policy].”

Miller went on to emphasize that he differs between Bitcoin, which he regards as a potential store of value like digital gold, and all of the other cryptocurrencies. He compares Bitcoin to gold. According to him, venture speculation may also be applied to other types of digital assets.

He said that Bitcoin has fared fairly well all things considered by pointing out that its price has increased by around 190% since it hit a low of $5,800 in 2020. He added:

“If anyone has a time horizon of longer than a year, you should do quite well in Bitcoin. I wouldn’t call that an investment. I would call it a speculation, but I would call it a sound speculation.”

Miller revealed that he holds shares in a number of the most prominent cryptocurrency organizations, such as the cryptocurrency exchange Coinbase and the cryptocurrency investment company Silvergate Capital. Bitcoin was not the only cryptocurrency that he owned. He went so far as to say that he had acquired further shares of Silvergate a week ago and that he intends to purchase additional Coinbase shares.

Miller became a prominent company by consistently beating the S&P 500 index during the years 1991 and 2005. After that, he became the chairman and chief investment officer of Miller Value Partners, which by the end of August 2022 was managing assets of $1.9 billion. During his tenure there, he oversaw all of the firm’s investment decisions.

The statements made by Miller come at a time when the vast majority of digital assets have lost almost 70 percent of their value compared to their all-time highs so far this year as a result of the current market collapse.

Since the beginning of November, the value of Bitcoin, the most widely traded cryptocurrency in the world, has been fluctuating around the $17,000 level. This represents a decrease of approximately 75% when compared to Bitcoin’s all-time high value of $68,789.63, which was achieved in November 2021. In a similar vein, Ethereum has lost around 75% of its value since reaching its all-time high of $4,891.

Compiled by Coinbold

BTC, Coinbase, ETH, FTX