Billionaire Bill Miller pleads for Bitcoin, doubts altcoins

[ad_1]

Bill Miller, a seasoned Wall Street investor and founder of Miller Value Partners, made the case for the Bitcoin (BTC) boom in a recent conversation with author William Green, but expressed his skepticism to the regard to many altcoins born in 2017.

Miller subscribes to the well-documented thesis that Bitcoin portrays digital gold, and unlike many of his financial contemporaries, with Warren Buffet being the most prominent, he has been a passionate investor in the digital asset space.

In early 2016, Miller dedicated 30% of his portfolio to the primary crypto asset Bitcoin with an average value of $ 500 and most recently filed a request with the SEC for Miller Opportunity Trust to invest in BTC through the institutional level of $ 2.25 billion Grayscale. Bitcoin trust.

During the interview, Miller correlated his first Bitcoin acquisition with the current risk proposition seen today, while wearing a Bitcoin baseball cap:

Bitcoin is much less risky at $ 43,000 than it was at $ 300. It’s now established, huge amounts of venture capital money has been put into it, and all the big banks are getting involved.

Miller also shared his take on the potential of altcoins, insinuating that few of the thousands in the market will survive the tumultuous volatility of the markets over the next several years:

There are 10,000 tokens and miscellaneous items floating there. The chances that more than a handful of them are worth it are very, very low. Bitcoin, ethereum, and a few others are probably going to be around for a while.

Related: Clean Water Nonprofit Launches Celebrity-Funded Bitcoin Water Trust

Discussing the emerging influence of the crypto exchange Coinbase, Miller advised investors not to be cautious of the one to two year swings in the Nasdaq-listed COIN stock, because in his qualified opinion, the asset offers a default position for growth investors.

In addition, he drew comparisons between the market capitalization of electric car giant Tesla and Coinbase, suggesting that the exchange could reach and even exceed the valuation of the former, which stands at around $ 790 billion due to its position in a growing and evolving industry.

[ad_2]