Bill Miller, a famous American investor, fund manager, and philanthropist, continues to be bullish on Bitcoin regardless of the recent crypto meltdown which has seen the cost from the flagship cryptocurrency plunge by around 75% when compared with its all-time high.
In an interview with Barron’s on Thursday, Miller stated he’s surprised Bitcoin hasn’t lost more quality among the current collapse of FTX, when the third-largest crypto exchange on the planet that declared personal bankruptcy in early November. He stated:
“I’m surprised Bitcoin isn’t at 1 / 2 of its current cost because of the FTX implosion. Individuals have fled the area, so the truth that it’s still hanging inside at $17,000 is fairly outstanding.”
He pointed out that a part of Bitcoin’s poor cost performance might be related to raising rates. “I’d expect that assuming the Fed starts to pivot [toward simpler financial policy], Bitcoin would do very well,” he added.
Miller further noted he differentiates between Bitcoin, that they sees like a potential store of worth like digital gold, and all sorts of other cryptocurrencies. He stated other digital assets could be categorized as venture speculation.
He mentioned that Bitcoin continues to be up by around 190% when compared with its 2020 low of $5,800, quarrelling that Bitcoin has performed very well overall. He added:
“If anybody includes a time horizon of more than annually, you want to do very well in Bitcoin. I wouldn’t call that the investment. I’d refer to it as a speculation, however i would refer to it as a seem speculation.”
Apart from Bitcoin, Miller also disclosed he owns shares in a few of the greatest crypto companies, including cryptocurrency exchange Coinbase and Silvergate Capital, a crypto investment firm. He even claimed he purchased more Silvergate shares the other day and intends to buy more Coinbase.
Miller rose to prominence by outperforming the S&P 500 yearly from 1991 to 2005. He subsequently offered because the chairman and chief investment officer of Miller Value Partners, which in fact had $1.9 billion in assets under management in the finish of August 2022.
Miller’s comments be the majority most of digital assets have forfeit around 70% of the value when compared with their all-time highs to date this season among the current market downturn.
Bitcoin, the world’s largest crypto exchange, continues to be hovering round the $17,000 mark since the beginning of November, that is lower by almost 75% when compared with its ATH of $68,789.63 recorded in November 2021. Similarly, Ethereum is lower by around 75% from the ATH of $4,891.
