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Founder Of Miller Value Partners: Bitcoin Has The Potential To Be Worth A Lot

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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.

He said:

 “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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Bitcoin’s Hashrate Back On Its Track After Harsh Reductions

After the long bearish sentiment on the market, it seems like Bitcoin’s mining market its back on its feet climbing up after the harsh reductions that happened in the final third of 2018 so we are about to find out more about it in today’s bitcoin news. Back in December, BTC’s hashrate dropped by more than 7 percent in just one day as most of the miners turned off their rigs or voluntarily left the scene because of the low prices and basically nonexistent margins. Many started to say that bitcoin has entered a ‘’death spiral.’’ However, it seems like the difficulty target of bitcoin reversed and it is going upward, steadily going closer to where it was in December 2018 which shows that the miners are ready to come back to the market and many have returned actually. The data shows that the network’s hashrate has increased up to 40,219,475,700 GH/s, extremely close to where it was in December. This is great news for bitcoin holders who didn’t crack under the sell-off pressure when Bitcoin was testing the $3,000 support level. If you are familiar with the difficulty adjustment mechanism, you already know that it exists to make sure that despite the price movements, BTC’s network will have adequate capacity to be able to carry out transaction hashing with the help of the dynamic system. Increased difficulty means that more miners are getting in which is a good thing. The current hashrate of the network is three times more than it was in January 2018 with a difficulty 2 times that of a year ago. Although it’s too early to say how many miners are coming back, it’s likely that the difficulty target will shows us a much bigger picture of the sentiment in the mining space.
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Bitcoin News

Russia Is Not Planning To Buy $10 Billion In Bitcoin

According to an official with the Russian State Duma Elina Sidorenko, Russia is not planning to buy $10 billion in Bitcoin after the rumors reached all crypto news media outlets. Sidorenko said:
 “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.
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Altcoin News

Market Sees Red, Losing $1 Billion Overnight While Bitcoin Remains At $3,600

The latest Bitcoin news show that the most dominant cryptocurrency is kind of idle when it comes to fast growth. Over the past few days, it managed to go in the green and in the red with less than 1% movements, holding firmly above the $3,600 mark. Bitcoin has stayed above the $3,600 threshold for some time now, while its highest price point over the past 24 hours was $3,707. Currently, BTC is at $3,637 with a loss of 0.32% overnight. The total market capitalization is down from $122 billion yesterday to $121 billion today - and down by more than $2 billion from the intraweekly high of $123..2 billion. Ripple (XRP) is slightly down as well, trading at $0.32 and falling by one cent compared to yesterday's numbers. Ethereum (ETH) also declined by 0.64% and is still at $122. EOS managed to surge by 0.68% overnight and is now trading at $2.44. While most of the top 10 is green, only EOS (EOS) and Tron (TRX) managed to rise. TRX rose to $0.024 with a 0.94% growth just like EOS and its sub-1% movements. The biggest growth overnight was initiated by Cardano (ADA) and Binance Coin (BNB). While ADA surged by 2.71% to a new price of $0.045, BNB managed to climb to $6.20 rising by 2% overnight. As it is right now, the cryptocurrency market definitely needs some movement on the green side. However, the idle movements can continue as well, proving that another bear market is here.
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Altcoin News

Crypto Analysts: 2019 May Be A Year Of Bitcoin Accumulation

Over the past day, the crypto market recovered from its previous position and reached $123 billion as Bitcoin also managed to avoid another drop below the $3,600 mark. In the latest crypto news, we take a look at some analysis from multiple crypto technical analysts. Some analysts think that because of the high sell-off intensity in the previous period, there is a strong chance for the price of BTC and other altcoins to drop even further below their support levels in the short-term. Also, they believe that Bitcoin will even decline as low as $3,100 by the end of the bear market before recovering by the end of 2019. Crypto technical analyst Eric Thies said that Bitcoin might start a strong movement upwards by the end of 2019:
 “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.
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