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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Bitcoin Goes Below And Above $4,000 Again: What’s Causing This Fluctuation?
- Hourly MACD – The MACD is slowly moving in the bullish zone, with a positive bias.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting higher, but it is still well below the 50 level.
- Major Support Levels – $3,950 followed by $3,920.
- Major Resistance Levels – $4,000, $4,020 and $4,060
Bitcoin (BTC) Is Likely To Surge To $400k, According To Prominent Analyst
“$BTC Weekly Chart. Gandalf is holding $BTC below the mid $4,200 level. Bitcoin shall not pass the current resistance. So my target for the next drop has an aim at previous support near mid $3,500s,” he explained.https://twitter.com/Josh_Rager/status/1108205671659569152 Another chief market analyst at Think Markets UK named Naeem Aslam, also spoke about the key importance of the $4,000 level, noting that it will set a trend for which direction the markets could head next. As he said:
“Questions are being asked constantly when it comes to Bitcoin’s battle with the $4000 mark. The result of this battle sets the tone for a bullish or bearish trend. This price level has become a matter of death or life for crypto traders.”Aslam also believes that Bitcoin could eventually surge as high as $400k, even though the current price indicators don't show that. He explained:
“I personally believe that each Bitcoin can go up as much as $400K and if history repeats itself, this number is not a fool’s paradise. This is a simple math calculation: approximate percentage projection of the price which we experienced during the last bull run.”Another popular figure in the crypto industry named Ryan Selkis, spoke about the absurdity of purchasing a bottom in times when BTC has a massive potential. As he tweeted:
“I’d be extremely surprised if the bottom wasn’t in for this $BTC bear market. If you’ve been on the sidelines, what are you waiting for if not now? If you’re a long-term bull, the 5 year EV is 25-50x, and you’re going to wait to time an entry that’s 20% more attractive?”https://twitter.com/twobitidiot/status/1108520333039058944
Twitter’s CEO Wants To ‘’Give Back’’ To The Crypto Ecosystem By Hiring Crypto Engineers
‘’Last week I was considering my hack week project, and asked @brockm: “what is the most impactful thing we could do for the bitcoin community?” His answer was simple: “pay people to make the broader crypto ecosystem better.” This resonated with me immediately, so we’re doing it.’’The Twitter CEO stated that the newly employed engineers will be reporting directly to him so this has the community baffled and in questions about who will the developers serve-the crypto community or Dorsey himself. For example, if the growing bitcoin development poses a threat to the Square-related developers will they still are left alone to do their work. Dorsey’s power shows how influent he is in the bitcoin development community so users are not particularly happy with this decision. On this issue, Dorsey stated:
‘’These folks will focus entirely on what’s best for the crypto community and individual economic empowerment, not on Square’s commercial interests. All resulting work will be open and free.’’The CEO of Twitter is one of the most important bitcoin advocates. Last year on the Consensus event he said that he wants Bitcoin to be adopted and hopes for the number one cryptocurrency to become the native currency of the internet. He also stated previously that he wants to be involved in any action that will lead crypto into the mainstream and that is one of the reasons he launched the Square Cash app. Last year revenues for Square show consistent growth. In the first half of 2018, the revenues reached $71 million while profits reached $0.6 million. In the second half, Bitcoin revenues increased to $95 million and profits increased up to $1.047 million. Dorsey has also invested personally in Bitcoin as well as in many BTC startups after he participated in Lightning Labs’ funding round which raised $2.5 million.
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