Billionaire investor Bill Miller just weighed in on the rising crypto space. Chief Investment Officer/founder Miller, of Miller Value Partners, stated Bitcoin is the best investment choice in the cryptocurrency market. The savvy, successful investor argued that BTC is much like the historically safe haven precious metal kingpin gold.
The Miller Value Partners Chief Investment Officer made interesting points in support of this argument on the BTC. “I think that it’s an interest technological experiment. Every day that it doesn’t blow up or get regulated to zero…more money flows into the [BTC] ecosystem,” he argued.
Miller hedged his position on the king of cryptocurrencies carefully though. He claimed that no one can say for certain how this digital asset will fare in future years.
Miller’s Entry In Cryptocurrency A Positive Sign for Institutional Investment
Many experts argue for the digital assets to reach the next level, they will require institutional money to enter. This will legitimize the space. The conundrum is for major money players to take digital assets seriously. To do so, market regulation and also custody tools must appear.
Most Cryptocurrencies Could Be Worthless Per Miller
Miller is not pulling any punches with his controversial opinions today either. While he believes that BTC is like gold, he feels the majority of the altcoins will probably become worthless. To Miller, BTC is by far the most likely cryptocurrency to succeed in the digital assets sector.
Bitcoin owns more than 45% of the entire market cap at the moment. Miller’s interested in BTC because it can claim the greatest potential. He calls BTC a non-correlated asset that is much like gold. Miller feels Bitcoin’s advantages over gold are its capability to act as an exchange medium and ease of transfer.
He tempers this by arguing that BTC is not either a practical currency or an effective payment system yet. Miller makes a prediction regarding institutional investment in the sector. If Bitcoin reaches 33% of gold’s total market value, then financial institutions/banks could show greater interest in the digital asset.
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