Bill Miller, the founder of Miller Value Partners believes that the ‘’bitcoin price has the potential to be worth a lot or it can tank to zero’’ after speaking for a crypto news interview yesterday.
“I like bitcoin because it’s not correlated with the stock market. It does have the potential to be worth a lot, and the potential to be worth zero.”
Miller has a long history with Bitcoin. Back in 2017 in December, he was one of the few investors that put about a billion dollars of his company’s assets in Bitcoin when it reached its all-time high. He also invested 1% of his personal net worth in bitcoin but has since scaled back his company’s allocation to Bitcoin after the bear market hit.
However, Miller thinks that bitcoin is an ‘’interesting technological experiment’’ and that it is a good opportunity for investors despite the huge potential to be worth zero. While saying what he really likes about it, he said that Bitcoin’s performance is not related to the broader stock market which makes it a good investment when the markets are down:
“Bitcoin basically has no statistical correlation with stocks or bonds, which makes it an excellent diversifier.’’
Despite the fact that some analysts beg to differ that there is some correlation between the tech and stock market, many believe that there is almost none correlation between the crypto and the general stock market. Miller thinks that the bitcoin trends have proven to surpass the stock market multiple times and that the stock market got weaker after the bitcoin price started to drop.
Miller expressed his opinions for bitcoin besides the prolonged crypto winter:
“Take a look at the low for bitcoin each year since it came out 10 years ago. There’s a very clear pattern of higher lows.”
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