Wall Street’s Bill Miller: ‘Bitcoin Has Potential to Be Worth a Lot or Worth Zero’

January 8, 2019
27 Views

Wall Street’s renowned investor Bill Miller calls himself a Bitcoin observer, predicts that the main cryptocurrency can be worth either a lot or zero.

Bitcoin (BTC) can potentially have a high value or be worth nothing, noted Wall Street investor Bill Miller told CNBC in an interview on Monday, Jan. 7.

Miller, the founder of investment management firm Miller Value Partners, spoke to CNBC host Kelly Evans during a show called “The Exchange,” calling Bitcoin an interesting technological experiment and recalling a clear pattern of higher lows each year.

For instance, the coin’s lowest price hovered around $3,200 last year, he stated. However, now Bitcoin is trading over $4,000 again. Miller told Evans:

“Bitcoin has the potential to be worth a lot and to be worth zero.”

The investor also mentioned another tendency, noting that Bitcoin bottomed almost exactly 52 weeks after it peaked in December 2017, while the stock market didn’t bottom for another three to four weeks.

However, Miller highlighted that a reason he likes to include crypto in his portfolio is that there’s no obvious lasting correlation between crypto markets, stocks and bonds: while crypto can be down, traditional markets can be up, and vice versa.

“I’m a Bitcoin observer, but I wouldn’t call it a believer,” Miller concluded.

In December 2017, when Bitcoin hit its record mark of $20,000, Miller claimed to have invested almost 50 percent of the money from his hedge fund in top crypto. As of September 2018, Miller Value Partners retains $2.89 billion in assets under management.

Six months after, Miller said in an interview that he had been holding a modest one percent of his own assets in Bitcoin since 2014.

Moreover, Miller stated that “bubbles are necessary to bring capital into the market to see if these innovations are actually going to stand,” referring to Bitcoin’s rate in March 2018, when the coin was steadily going down after its historical peak.

You may be interested

Crypto Lender BlockFi Cuts Interest Rates Paid to Largest Account Holders
Crypto News
38 views
Crypto News
38 views

Crypto Lender BlockFi Cuts Interest Rates Paid to Largest Account Holders

btcethereumadmin - March 22, 2019

BlockFi has changed the terms of its interest-bearing cryptocurrency deposit account just weeks after launching it. Beginning April 1, for…

Road to Consensus with Kadena’s Will Martino: Who Needs Private Blockchain?
Crypto News
32 views
Crypto News
32 views

Road to Consensus with Kadena’s Will Martino: Who Needs Private Blockchain?

btcethereumadmin - March 22, 2019

We're talking to experts in the crypto and blockchain space about the future of the industry. You'll hear from economists,…

Bain-Backed Crypto Exchange Seed CX Is Expanding to Asia
Crypto News
41 views
Crypto News
41 views

Bain-Backed Crypto Exchange Seed CX Is Expanding to Asia

btcethereumadmin - March 22, 2019

Chicago-based cryptocurrency exchange Seed CX, which Bain Capital backed last year, is expanding to Asia. The institution-focused exchange announced Thursday…

Leave a Comment

Your email address will not be published.