HomeBitcoinBill Miller Remains Optimistic About Bitcoin Despite 75% Price Drop.

Bill Miller Remains Optimistic About Bitcoin Despite 75% Price Drop.

-

Despite the 75% drop in the price of Bitcoin from its all-time high, well-known investor Bill Miller remains optimistic about the digital asset.

In an interview with Barron’s, Miller expressed surprise that Bitcoin’s price hadn’t fallen further in the wake of the collapse of FTX, once the third largest cryptocurrency exchange in the world, which filed for bankruptcy in November.

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

He attributed some of the poor performance of Bitcoin’s price to rising interest rates and added, “I would expect that if and when the Federal Reserve starts to pivot [to a more accommodative monetary policy], Bitcoin will do rather well.”

Miller distinguished between Bitcoin, which he sees as a potential store of value like digital gold, and all other cryptocurrencies, which he classified as risky speculative assets. He said that Bitcoin is still up about 190% from its 2020 low of $5,800 and added,

“If you have a time horizon of more than a year, Bitcoin is a good option for you. I wouldn’t call it an investment. I would call it speculation, but I would call it healthy speculation.”

In addition to Bitcoin, Miller also revealed that he owns shares in some of the largest crypto companies, including exchange Coinbase and Silvergate Capital, a cryptocurrency investment firm. He even stated that he bought more Silvergate shares a week ago and plans to buy more Coinbase. Miller gained fame by outperforming the S&P 500 every year from 1991 to 2005. He then served as President and Chief Investment Officer of Miller Value Partners, which managed $1.9 billion in assets as of August 2022.

Miller’s comments come as most digital assets have lost about 70% of their value from their historical highs this year, amid the recent market downturn. Bitcoin, the largest cryptocurrency, has traded around the $17,000 mark since November 2022, representing a nearly 75% drop from its all-time high of $64,000 in April 2022.

 

 

Leave a Reply

LATEST POSTS

Argo Blockchain Sells Bitcoin Mining Facility to Galaxy Digital Holdings in Struggle to Stay Afloat.

The Bitcoin mining crisis continues as miners continue to sell their facilities. Argo Blockchain saw its shares rise in London trading yesterday after agreeing to...

Cryptocurrency Winter to Last “At Least One More Year”, Says Octopus Network Founder.

Octopus Network, a multi-chain cryptocurrency network based on the NEAR protocol, has laid off around 40% of its core team and reduced salaries for the...

MicroStrategy Boosts Bitcoin Holdings with $42.8 Million Purchase.

MicroStrategy, the company co-founded by Michael Saylor, has announced that it has made further purchases of Bitcoin since November 1st. According to today's report, the...

China’s CBDC wallet relies on an age-old custom to increase adoption.

The digital yuan wallet app now includes a traditional Chinese method of donating money that has gone virtual with the rise of digital payments. China's wallet...

Follow us

0FansLike
3,691FollowersFollow
0SubscribersSubscribe

Most Popular

spot_img
%d bloggers like this: