Billionaire Bill Miller adopted a strong speech in favor of Bitcoin in a recent interview
Bitcoin has been killing bears for the past two months. Since the fall of last year, the cryptocurrency has been rallying to reach a new lifetime record of $ 64,800 earlier this month. At that point, the most people believe that the rapid price appreciation implies that Bitcoin is a speculative bubble that will eventually burst and lead investors to financial ruin.
However, a legendary investor disagrees, as he thinks the first cryptocurrency is about to reach new heights.
Bitcoin is not in a bubble
Many consider Bitcoin the biggest bubble in human history. Frankly, who can blame them? The flagship cryptocurrency soared from $ 0.06 in 2010 to close to $ 65,000 on April 14, leaving many stunned.
BTCUSD chart by TradingView
In a interview with CNBC’s “The Exchange” on April 20, Miller Value Partners founder and CEO, Bill Miller, made a positive assessment of Bitcoin, noting that it is not in a bubble.
“I don’t think this is a bubble in Bitcoin. This is now the beginning of your integration ”, said Miller.
Although Bitcoin was corrected for the $ 55,300 region after reaching a new ATH, Miller is not at all shaken by the recent fall. According to him, the dynamic of high demand and supply of the asset suggests that there is room for higher.
“The ofert [de Bitcoin] is growing at 2% a year and demand is growing faster. This is all you really need to know, and it means that it is getting higher and higher. ”
BTC is better than gold
Miller further indicated that Bitcoin is likely to continue experiencing strong price fluctuations due to its notorious volatility. In fact, he says this volatility is the price that investors have to pay for the currency’s breathtaking performance.
Although there are more than 2,000 cryptocurrencies on the market, the billionaire fund manager is only interested in the pioneering cryptocurrency he sees as the next Amazon.
Miller shares the opinion of most experts about Bitcoin being “digital gold”. Although gold is a $ 10 trillion asset and Bitcoin $ 1 trillion, he opined that Bitcoin is actually a store of better value than precious metal. The veteran investor explained that the advantages of portability, divisibility and other features give Bitcoin an advantage over gold.
“It is easily transportable and can be shipped anywhere in the world if you have a smartphone, so it is a much better version, as a store of value, than gold.”