Bitcoin (BTC) may have a high value or be worthless, said Wall Street investor Bill Miller in an interview with CNBC on Monday, January 7. Miller, founder of the investment management company Miller Value Partners, spoke with Kelly Evans, host of CNBC, during a program called “The Exchange”, in which he described Bitcoin as an interesting technological experiment, recalling a clear pattern of minimums and maximums every year.
For example, the lowest price of the currency was around USD 3,200 last year, he said. However, now Bitcoin is trading more than USD 4,000 again. Miller told Evans: “Bitcoin has the potential to be worth a lot and not worth anything.”
The investor also mentioned another trend, noting that Bitcoin bottomed out almost exactly 52 weeks after reaching it speak in December 2017, while the stock market did not bottom out for another three or four weeks.
However, Miller noted that one of the reasons why he likes to include cryptos in his portfolio is that there is no obvious and lasting correlation between crypto-markets, stocks and bonds: while cryptos maybe on the downside, Traditional markets may be up and vice versa. “I’m an observer of Bitcoin, but I would not call it a believer,” Miller said.
In December 2017, when Bitcoin reached its record mark of USD 20,000, Miller claimed to have invested almost 50 percent of its investment fund’s money in the main crypto. As of September 2018, Miller Value Partners retains USD 2.90 billion in assets under management.
Six months later, Miller said in an interview that he had kept a modest one percent of his own assets in Bitcoin since 2014.
On the other hand, Miller affirmed that “the bubbles are necessary to bring capital to the market to see if theseinnovations are going to be maintained”, referring to the Bitcoin rate in March 2018, when the currency was falling steadily after its maximum historical.
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