The billionaire and asset manager agreed that bitcoin is digital gold, as cryptocurrency is more convenient to use any precious metal.
Legendary investor Bill Miller believes that Bitcoin is not in a bubble right now. He told about this on the air of CNBC. According to him, the rapid growth of the cryptocurrency in 2017 was indeed a bubble, as it was followed by a collapse. However, the situation is different now, the investor noted.
“I don't think bitcoin is in a bubble. I believe that its wider application is now beginning, ”said Bill Miller.
According to the investor, the high volatility of digital assets is the price to be paid for their performance. Bill Miller also agreed with the opinion that Bitcoin is digital gold, since cryptocurrency is more convenient to use any precious metal. Bitcoin is easy to transfer anywhere in the world with a smartphone, so it is a better way to store savings than gold, the investor noted.
Bill Miller's Miller Value Partners fund became one of the best in hedge fund history in 2019, with a return of 119%. The investor started buying bitcoins a few years ago, when their price was at the level of $ 300. A significant part of the funds owned by the fund was earned precisely on the growth of the value of the first cryptocurrency.