The billionaire investor and fund manager Bill Miller, commented that Bitcoin is an ‘interesting technological experiment,’ but he said that altcoins are mostly worthless. At the same time, he mentioned that in the future, Bitcoin could be seen as an equivalent to gold.
Bill Miller Bullish on Bitcoin
While speaking to Bloomberg, Mr. Miller said that he has an important amount of money in Bitcoin. Indeed, his average buy-in is $300 dollars, a price not seen since years. About that, he commented:
“I think it’s an interesting technological experiment, that we don’t know how it’s going to come out. Right now, call it $7,800 or wherever it is today, is much less risky than when it was at $100, for the reason that every day that it doesn’t blow up and go to zero, or get regulated out of existence, more money flows into the ecosystem.”
Additionally, he explained that if each millionaire decides to buy just a Bitcoin, the price would go up ‘non-linearly,’ meaning that the price would probably skyrocket. Furthermore, he made a distinction saying that most altcoins are ‘probably worthless.’
If in the future the currency is adopted by other important financial institutions, its price could reach new highs. He noted that crypto investors should diversify their portfolios, include cryptocurrencies and avoid putting all the funds in just one asset. In the next few years, the crypto market could grow exponentially and help several investors yield important returns.
At the moment, Bitcoin is being traded around $8,200 dollars and has a market capitalization of $140 billion dollars. Most of the top 20 virtual currencies in the market are currently being traded negatively in the last 24 hours.
In the last weeks, Bitcoin grew almost 40% from year lows, and in August a new bull run could start if the US Securities and Exchange Commission finally approves a Bitcoin ETF.
Bill Miller is not the only millionaire investor bullish on virtual currencies, Mike Novogratz is also very optimistic about the future of the ecosystem and what can be achieved with digital currencies.
Image Courtesy of Bitcoin Isle