The Bitcoin (BTC) may have a high value or not be worth anything, were the statements of Bill Miller Wall Street investor, in an interview on Monday 7 January.
Bill Miller, who is a recognized entrepreneur and founder of the investment management firm Miller Value Partners, in a program called “the Exchange” presented by Kelly Evans, in which he considered Bitcoin an interesting technological experiment recalling its pattern of ups and downs he has presented each year.
Bitcoin’s instability is clearly reflected in its ups and downs. For example, the currency’s lowest price was close to USD 3,200 last year (2018), Miller said. However, Bitcoin is now trading over USD 4,000 again.
“Bitcoin has the potential to be worth a lot and not worth anything.”
The investor on the other hand mentioned another trend, pointing out that Bitcoin bottomed out almost 52 weeks ago after peaking in December 2017, while the stock market didn’t bottom out for another three or four weeks
Miller pointed out that one of the main reasons he likes to include crypts in his portfolio is that there is no obvious and lasting correlation between crypt markets, stocks and bonds: while crypts may be down, traditional markets may be up and vice versa.
“I’m an observer of Bitcoin, but I wouldn’t call it a believer,” Miller concluded.
In December 2017, when Bitcoin reached its record high of US$20,000, Miller said he had invested nearly 50 percent of his investment fund’s money in the main crypto. As of September 2018, Miller Value Partners holds $2.89 billion in assets under management.
Six months later, Miller said in an interview that it had held a modest one percent of its own assets in Bitcoin since 2014.
On the other hand, Miller said that “bubbles are necessary to bring capital to the market to see if these innovations will hold,” referring to Bitcoin’s rate in March 2018, when the currency was falling steadily after its all-time high.