Veteran Investor Bill Miller Bullish on Bitcoin, Skeptical on Altcoins
Bill Miller, a veteran Wall Street investor and founder of Miller Value Partners, advocated advancement of Bitcoin (BTC) in a recent conversation with author William Green, but expressed skepticism about many altcoins born in 2017.
Miller accepts the well-documented thesis that Bitcoin represents digital gold, and unlike many of his financial contemporaries – Warren Buffet is the most prominent – he is an interested investor in the digital asset space.
In early 2016, Miller already spent 30% of his portfolio on the top crypto asset Bitcoin, with an average value of $ 500, and recently initiated an SEC filing for The Miller Opportunity Trust.
During the interview, Miller linked his first Bitcoin acquisition to the current risky proposition observed today while wearing a Bitcoin baseball cap:
“Bitcoin at $ 43,000 is much less risky than $ 300. Now that it’s in place, a huge amount of venture capital has poured in and all the big banks are getting involved. “
Miller also shared his views on the potential of altcoins, noting that very few out of the thousands in the market will survive the turbulent market volatility in the years to come:
“There are 10,000 tokens and various things floating there. The chances that many of these will be worth it are very, very slim. Bitcoin, Ethereum and a few others will likely be around for a while. “
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Regarding the growing influence of the Coinbase crypto exchange, Miller advises investors not to be cautious of one to two year swings in Nasdaq-listed COINs, as he believes the asset offers a “standard position for growth investors.”
In addition, he compared the market caps of the electric car giants Tesla and Coinbase, showing that the stock market could reach and even exceed the value of the former of around $ 790 billion due to its position in a “fast growing and changing industry”. ”