Legendary American value investor Bill Miller expressed surprise at the performance of Bitcoin (BTC), considering the recent events in the cryptocurrency market.
Legendary investor B. Miller: It’s extraordinary that Bitcoin stays at the current price!
While most investors stay away from the crypto market as the contagion of the FTX crash takes shape, according to Miller, he said in an interview with Barron’s published Dec. 22 that he expects Bitcoin to correct further in contrast to the current price consolidation.
Additionally, he predicted that Bitcoin would outperform in the future when the Federal Reserve slowed its monetary policy.
“Given the FTX boom, I am surprised that Bitcoin is not at half its current price. Humans have escaped from space, so it’s pretty remarkable that it’s still hanging there at $17,000. But inflation is under attack and real rates are rising rapidly. Federal Reserve [daha kolay para politikasına doğru] If and when it starts to spin, I hope Bitcoin will do pretty well.” said.
Miller allocates 1% to Bitcoin
It is worth noting that Miller is a Bitcoin owner who believes in the long-term prospects of the asset. In this line, the fund manager added that Bitcoin should be treated as a digital store of value similar to gold.
He emphasized that the flagship digital asset has seen significant growth despite 2022 sales, noting that Bitcoin should also be distinguished from related crypto businesses. In this line, Miller recommended that at least 1% of an investor’s net worth be allocated to Bitcoin.
“First, I want to distinguish between Bitcoin, which I see as a potential store of value like digital gold, and any other cryptocurrencies that can be combined in the category of venture speculation. Like most venture investments, most will fail. But I haven’t heard a good argument that you shouldn’t invest at least 1% of your net worth in Bitcoin. Anyone can afford to lose 1%.” said.
Miller’s investment portfolio
Miller’s investing prowess in particular is highlighted by the fact that a portfolio manager repeatedly beat the S&P 500 Index from 1991 to 2005. Miller’s portfolio includes Bitcoin, as well as Amazon and Silvergate Capital.
Meanwhile, Bitcoin has forced the asset to correct below $17,000 due to the impact of the FTX cryptocurrency exchange bankruptcy. At press time, Bitcoin was down almost 0.3% in the last 24 hours to trade at $16,838.
Disclaimer: The content on this site should not be considered as investment advice. Investment is speculative. When investing, your capital is at risk.
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