Bill Miller, a seasoned Wall Street investor and founder of Miller Value Partners, advocated the growth of Bitcoin (BTC) in a recent conversation with author William Green, but expressed skepticism about the many altcoins born in 2017.
Miller adheres to the well-documented premise that bitcoin is digital gold, and unlike many of his economic contemporaries, most famously Warren Buffett, he has actively invested in digital real estate.
In early 2016, Miller allocated 30% of its portfolio to lead bitcoin with crypto assets with an average value of $500, and recently submitted an application to the SEC for the Miller Opportunity Trust to invest in BTC with an institutional grade of $2,25. one billion. Bitcoin trust.
During the interview, Miller linked his first bitcoin acquisition to the current risk proposition he witnessed today while wearing a bitcoin baseball cap the whole time:
“Bitcoin is much less risky for $43,000 than for $300. Now that it is installed, large amounts of venture capital are being invested in it, and all the major banks are involved.”
Miller also shared his insights into the potential of altcoins, suggesting that a few thousand projects in the market will experience violent market volatility in the coming years:
“There are 10,000 different tokens floating in there and so on. The chances that more than a handful of them will be worth it is very, very small. Bitcoin, Ethereum, and a few others have probably been around for a while.”
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Discussing the growing influence of crypto exchange Coinbase, Miller advised investors not to be wary of the year-long volatility of the Nasdaq-listed COIN, as the asset, in his qualified opinion, provides a “standard setting for investors that are growing.”
In addition, he made comparisons between the market values of electric car giant Tesla and Coinbase, noting that the stock market could reach or even exceed the previous valuation, which is about 790 billion dollars due to its position in the “fast.” Growth and industry change. …”