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.”
Bitcoin’s Hashrate Back On Its Track After Harsh Reductions
Russia Is Not Planning To Buy $10 Billion In Bitcoin
“This statement has no common sense. The Russian Federation — like any other country in the world — is simply not ready to combine its traditional financial system with cryptocurrencies.”Sidorenko reacted to the fake news reports from Telegraph where it was noted that Russia wants to invest $10 billion in bitcoin in order to mitigate the economic impact that is brought up from the US sanctions. The rumors emerged on Twitter where a particular user wrote that Kremlin has no choice but to invest in bitcoin and that it is the only way to avoid the harsh sanctions by President Trump. Ginko posted on Twitter and his post went viral after Telegraph wrote a story about it and lots of other websites just added their own touch to it. Ginko is known to the public for making such shocking tweets and comments after once saying that sham investment adviser Bernie Madoff is the real Satoshi Nakamoto. However, Sidorenko said that Ginko’s comments are absurd:
“Even if Russia wants to place its cryptocurrency assets now, it simply cannot do this. We do not have any mechanisms that would allow us to introduce a system: where these assets would be stored, which authorities would be responsible for it, which would be responsible for abuses and stuff.”However, according to Tota Kaliaskarova, the director of macroeconomic policy with the Eurasian Economic Union says that crypto could have a huge impact on the Eurasian economy.
Market Sees Red, Losing $1 Billion Overnight While Bitcoin Remains At $3,600
Crypto Analysts: 2019 May Be A Year Of Bitcoin Accumulation
“Similar to 2015, 2019 may be the year of accumulation.’’Another crypto researcher Willy Woo said that while a crash of bitcoin to $3,122 could lead to an increase in volume, it won’t show signs of starting of the accumulation period. He pointed out:
‘’Despite the technical setup that suggests bullishness is possible, there’s not a lot on-chain volume to fuel a prolonged up move. What we saw in the last 7 weeks was a spike of on-chain volume driven by volatility, coins moving to exchanges to trade. The initial volume spike false signalled a faster detox and an earlier end to the bear market, but in fact it was a volatility side effect. That move from $6k to $3k created immense trade volume, but it was in no way a signal that accumulation volume had begun.’’Until evidence for the accumulation of crypto assets shows up, there are still expectations of high volatility levels.
Join us on Facebook
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Ethereum News3 days ago
Coinbase And Kraken Officially Supporting ETH’s Constantinople Hard Fork
Ethereum News5 days ago
$100,000 Reportedly Returned From Ethereum Classic 51% Attacker
Altcoin News5 days ago
Bitcoin Drops Below $3,600 As $5 Billion Get Wiped Out Of The Crypto Market
Altcoin News4 days ago
Major Swiss Bank Launches A Crypto Custody Solution Targeting Banks & Asset Managers
Bitcoin Scams3 days ago
New Torrent Malware Posing As Movie File Can Replace BTC & ETH Addresses: Researcher
Bitcoin News4 days ago
American Businessman Still Missing After $950,000 In BTC Ransom Paid
Blockchain News4 days ago
The Revenue Agency Of Bulgaria Will Investigate Crypto-Selling Companies
Blockchain News5 days ago
Leading Mining Hardware Producer Bitmain Suspends Operations In Texas