Bill Miller’s Optimism About Bitcoin Survives Despite The Market’s Recent Decline

Key Points:

• Bill Miller is astonished that Bitcoin has not lost more value since FTX’s bankruptcy.

• Rising interest rates, according to Miller, could be a reason in Bitcoin’s dismal price performance.

• His key crypto firms, including cryptocurrency exchanges, are Coinbase and Silvergate Capital.

Bill Miller, a well-known American investor, fund manager, and philanthropist, remains bullish on Bitcoin despite the recent crypto catastrophe, which has seen the price of the flagship cryptocurrency drop by around 75% from its all-time high.

Bill Miller told Barron’s on Thursday that he is surprised Bitcoin hasn’t lost more value after the bankruptcy of FTX, the world’s third-largest crypto exchange, which filed for bankruptcy in early November. He expressed amazement that Bitcoin isn’t half the price it is now, given the FTX catastrophe. People have abandoned the place, thus the fact that it is still at $17,000 is rather astonishing.

He noted that rising interest rates could be a factor in Bitcoin’s poor price performance.

“I would expect Bitcoin to do fairly well if and when the Federal Reserve begins to pivot toward softer monetary policy.”

Miller also stated that he distinguishes between Bitcoin, which he regards as a potential store of value similar to digital gold, and all other cryptocurrencies. Other digital assets, Bill Miller claims, can be classified as venture speculation.

He claimed that Bitcoin is still up over 190% from its low of $5,800 in 2020, saying that Bitcoin has performed fairly well overall. Miller also revealed that, in addition to Bitcoin, he has shares in several of the major crypto companies, including cryptocurrency exchange Coinbase and Silvergate Capital, a crypto investment firm. He even claimed to have bought more Silvergate shares a week ago and that he intends to buy more Coinbase.

Bill Miller’s remarks come as the vast majority of digital assets have lost almost 70% of their value since their all-time highs earlier this year due to the latest market collapse.

Bitcoin, the world’s largest crypto market, has been trading at $17,000 since the beginning of November, a drop of about 75% from its all-time high of $68,789.63 in November 2021. Similarly, Ethereum is down around 75% from its all-time high of $4,891.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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