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Bill Miller, Legendary Investor says “We are at the top of the first inning for Bitcoin.”
Miller was an early adopter of Bitcoin in 2017 when his firm put a 5% investment in the well-known cryptocurrency. Miller is hailed to be a value investor. He warns that a vast majority of altcoins will not survive.
Miller bought Bitcoin when it was at an average price of $500. He opines that Bitcoin at $43,000 is a lot less risky than when it was at $300 because it is now well established, a lot of venture capital money has gone into it, many big banks are getting involved.
To those who are not sure about the future of cryptocurrency and to those who are not very confident of the future of cryptocurrency, it makes sense to invest just 1% of their portfolios into it.
Out of the many altcoins out there, he feels Bitcoin, Ethereum, and a few other altcoins will be around for a while and several others in the 10,000+ altcoins as being not worthwhile.
Coinbase Miller says is a disruptive company. He feels for growth investors it should be the default position.
If investors accept it as a safe haven asset, then the value of Bitcoin will go up 10-fold, which will be just the beginning. Miller feels investors should stay bullish and they should be ready to survive a crash. There is no point in predicting the future as it is futile.
A typical value investing approach would be to buy a business at a discount on what they are currently worth.
Value investor, Bill Miller is very firm in his belief that owning Bitcoin is a safe investment decision. Since it is in the early stage of adoption the higher the price goes the less risky it becomes, which is the opposite of what happens with most of the stocks.
The supply of Bitcoin is decreasing by 2% per year and that is very obvious in the price. The growing price is a sign of demand. The more the demand the higher the price. In the past, Miller stated while he does not have a specific price target for BTC he has a price expectation.
So, all the conversations and opinions were filled with words like If, probably be, likely to be higher than lower.
Volatility is the norm for BTC. Adoption from institutional investors is helping the process of fuelling the price rise.
