2021-1-10 19:01 |
Legendary investor Bill Miller said on Friday that the higher the price of Bitcoin goes, the safer it becomes as an investment option.
Miller’s comments came the day the digital asset broke yet another ATH of nearly $42,000. With a market cap of $765 billion, Bitcoin is currently the 7th largest asset in the world by market capitalization.
“It gets less risky the higher it goes” because it is early in its adoption cycle, said Miller on CNBC. “That’s the opposite of what happens with most stocks.”
The value investor further goes on to share how the total supply of the flagship cryptocurrency is “growing less than 2% a year, and it’s obvious by the price that the demand is growing much, much faster than that.”
As long as this momentum continues, Miller said, BTC is not only likely to go higher but even “considerably higher.”
“I think that bitcoin … should probably be up 50% to 100% from here in the next 12 to 18 months. And if you were to ask me over or under, I would definitely say it would be much more likely to be higher than lower.”
Bill Miller CIO at Miller Value Partners Volatility is Just the Price to Pay for such a Performance
Miller, who is known for beating the S&P 500 for 15 straight years while at Legg Mason, said he has “price expectation than a specific target while cautioning that “if you can’t take (volatility) you probably should not own bitcoin.”
“Volatility is the price you pay for performance,” he added.
Talking about the big corrections, as much as 80%, he said these are “normal in this type of very, very early technology with a very, very big total addressable market.”
However, Miller isn’t new to cryptocurrencies; back in 2018, he had shared that he bought his first Bitcoin around 2014 or 2015 at an average cost of $350.
This time, he owns BTC in partnership with Samantha McLemore, his partner who started Patient Capital, a 5% position.
As for the regulatory concerns, he pointed to the digital asset's straight-up direction after FinCEN’s midnight crypto rulemaking.
“It just shows that it's more valuable; namely it's something that Bitcoin is trying to protect you against.. the sorts of things that happen in Venezuela or Nigeria, or Argentina where the government wipes you out or confiscates your money,” as the US did in the 1930s.
The latest comments from Miller came following his letter in which he said if more companies diversify even a small portion of their cash balance into Bitcoin, then “the current relative trickle into Bitcoin would become a torrent.”
“Warren Buffett famously called Bitcoin ‘rat poison,’” wrote Miller in his post. “He may well be right. Bitcoin could be rat poison, and the rat could be cash.”
Bitcoin/USD BTCUSD 38,457.4017 -$1,757.50 -4.57% Volume 68.24 b Change -$1,757.50 Open$38,457.4017 Circulating 18.6 m Market Cap 715.17 b baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=BTC&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~BTC~USD"); The post Bitcoin Should be Up 100% in Next 12 to 18 Months & Likely Even “Higher than Lower,” Says Bill Miller first appeared on BitcoinExchangeGuide.Similar to Notcoin - Blum - Airdrops In 2024
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