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Veteran Fund Manager Bill Miller Expects Bitcoin to Soar Up to 100 Percent from Here

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Fri, 01/08/2021 - 18:54
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Alex Dovbnya
Bill Miller reveals his expectations for Bitcoin while also warning about its volatility
Veteran Fund Manager Bill Miller Expects Bitcoin to Soar Up to 100 Percent from Here
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During a recent interview on CNBC's "The Exchange," American investor Bill Miller opined that Bitcoin gets less risky when it surges higher: 

One of the interesting things about Bitcoin is that it gets less risky the higher it goes.     

How high will it go? Miller expects the largest cryptocurrency to soar up to 100 percent in the next 12-18 months:         

In terms of a price target, I don't have a price target. I have price expectations which I think Bitcoin from here anyway should probably be up 50-100% from here in the next 12-18 months.

He mentioned that Bitcoin had had three major corrections while recommending weak hands to stay away from the cryptocurrency since he expects to be "very, very volatile": 

If you can't take take, you shouldn't own Bitcoin.     

The 71-year-old investor doesn't seem to be concerned about regulators cracking down on Bitcoin since the cryptocurrency is decentralized: 

You can't cut the head off a snake here. [Bitcoin]'s decentralized...That series of guidelines that came down from FinCEN...there's been close to 7k comments on that...the market clearly isn't worried about it.   

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Bitcoin and other assets 

When asked why Bitcoin is similar to Tesla, Miller replied that "it's going up because it's going up":    

Everybody considers it a giant disruptor in the auto market [...] Right now, I think, it's going up because it's going up [..] The market doesn't care about innovations.   

Bitcoin Tesla
Image by marketwatch.com

Speaking of plunging gold, he thinks that the bullion is attractive at its current level of $1,836 but he warned that owning it and ignoring Bitcoin was a big mistake:        

Anyone who owns gold and doesn't own at least half as much of Bitcoin is making a big mistake   

Earlier this week, Miller recalled Warren Buffett's infamous "rat poison" quote in his 4Q market letter, claiming that cash is the actual rat: 

Warren Buffett famously called bitcoin “rat poison.” He may well be right. Bitcoin could be rat poison, and the rat could be cash.

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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.