Fund Manager Bill Miller Said, Bitcoin Is Not Bubble
Bill Miller, founder, and chief investment officer did not think Bitcoin is a bubble. Instead, he said it was at the beginning of the main application. In cryptocurrency remains bullish, famed value investor explained that as an encrypted demand growth of price level will increase the supply of Bitcoin.
Long-term value investor Bill Miller is the founder of Miller Value Partners, the current chairman, and chief investment officer. He is also the Equal Opportunities and Strategic Income Fund co-portfolio manager. Prior to Miller Value Partners, he co-founded Legg Mason Capital Management.
According to last week when he asked for an interview with CNBC whether there is a greater amount of bitcoin prices rise. Miller said: “There are many different ways to see the Bitcoins The easiest way is to supply and demand.” In its rise to the main emphasize cryptocurrency interested bodies, he elaborated:
Supply on annual growth of 2%, demand is growing rapidly. This is what you need to know, and that means higher … I do not think it is a bubble in all Bitcoins, I think this is one of the mainstream now.
Bitcoin’s recent increase compared with 2017, he said that what happened “is a bubble,” Miller said, bitcoin prices will be stable, the recent volatility seen in the price. “Even during the bubble period, it fell by 20% on five different occasions and therefore Bitcoin, fluctuations in the price-performance ratio you pay,” asset managers think.
Miller shared the same faith, as many investors Bitcoin cryptocurrency “digital gold.” Miller said, “Gold is about $10 trillion of asset classes and Bitcoin is $1 trillion, it is infinitely divisible or nearly so, Easy to carry and can be if you have a smartphone so this is a better version, shipped anywhere in the world as a store value than gold.”
In addition, he pointed out:
Bonds yield a negative $15 billion there, then, why do you have, when you can have something, at least the possibility of riding.
Although Miller did not think Bitcoin is a bubble, some fund managers do. Guggenheim CIO Scott Minerd said recently Bitcoin looks “very bubble” major revision, could push the price down to cryptocurrency and warnings between $20K and $30K. In addition, the US fund manager survey in April showed the bank, the majority of fund managers see the Bitcoin bubble.