Legendary Investor Bill Miller Remains Bullish on Bitcoin

News
Thu, 06/25/2020 - 18:15
Alex Dovbnya
Former Legg Mason CIO Bill Miller remains a Bitcoin bull while Mike Novogratz calls the top cryptocurrency 'turbo-charged gold'
Cover image via www.youtube.com
Contents

Miller Value Partners founder Bill Miller said that he was still bullish on Bitcoin during a recent episode of the FutureProof webcast that was covered by Seeking Alpha.

According to the investor, Bitcoin is now the safest it has ever been now that its price is range-bound above $9,000:

At the current price, at the high $9,000s, I think it's much safer than where it has ever been before.

Related
Breaking: Billionaire Paul Tudor Jones Starts Buying Bitcoin While BTC Price Surges Above $9,800

From an observer to a believer

Miller, the hedge fund veteran who was the former CIO of American investment management behemoth Legg Mason, was an early Bitcoin adopter who first got into crypto when BTC was trading at just $200.  

During today’s conversation, he revealed that he hadn’t sold any of his coins whose average purchase price is $300.  

Back in January 2019, he told CNBC that Bitcoin, as an ‘interesting technological experiment,’ could be ‘worth a lot’ or plunge to zero after the December 2018 crash to $3,100.   

Now, he appears to have transitioned from an observer into a believer, claiming that he feels optimistic about the future of the leading cryptocurrency.    

After turning his five percent Bitcoin allocation into 50 percent of his fund’s assets, he now doesn’t see a reason why investment advisors wouldn’t recommend their clients to put at least one percent of their net worth into crypto. 

Related
Mike Novogratz Doubles Down on His $20,000 Bitcoin Price Prediction

‘Turbo-charged gold’

In the meantime, Galaxy Digital CEO Mike Novogratz, who also joined the webcast as a panelist, called Bitcoin ‘turbo-charged gold.’  

As reported by U.Today, Novogratz considers gold and its digital version the ‘easiest traders’ amid egregious money printing. 

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy