• Bill Miller, an American investor and fund manager, is still bullish on Bitcoin despite the recent crypto meltdown.
• He believes that Bitcoin has held up well, given the FTX bankruptcy and an increase in interest rates.
• Miller sees Bitcoin as a potential store of value like digital gold, and believes that those with a long-term outlook should do quite well in Bitcoin.
Bill Miller, a famed American investor, fund manager, and philanthropist, is still bullish on Bitcoin despite the recent crypto meltdown that has seen the price of the flagship cryptocurrency plunge by around 75% compared to its all-time high. In an interview with Barron’s on Thursday, Miller expressed his surprise that Bitcoin hasn’t lost more value given the recent collapse of FTX, once the third-largest crypto exchange in the world that filed for bankruptcy in early November.
Miller argued that the current market conditions are not the only factors influencing Bitcoin’s price. He pointed out that an increase in interest rates has also been a contributing factor to Bitcoin’s poor performance. “I would expect that if and when the Federal Reserve begins to pivot [toward easier monetary policy], Bitcoin would do quite well,” he said.
Miller differentiates between Bitcoin and other cryptocurrencies, seeing Bitcoin as a potential store of value like digital gold. He believes that those with a long-term outlook should do quite well in Bitcoin. “If anyone has a time horizon of longer than a year, you should do quite well in Bitcoin,” he said. “I wouldn’t call that an investment. I would call it a speculation, but I would call it a sound speculation.”
Aside from Bitcoin, Miller also revealed that he owns shares in some of the biggest crypto companies, including cryptocurrency exchange Coinbase and software firm Block.one. He believes that these companies are well-positioned to capitalize on the growth of the crypto sector and to benefit from the increasing interest in digital assets.
Overall, Miller is confident in Bitcoin’s long-term prospects. He believes that the crypto market still has considerable room for growth and that Bitcoin could potentially become a major asset class in the future. He concluded by saying, “I’m generally optimistic about the future of cryptocurrency, and I think it has a long way to go.”