Billionaire investor, Bill Miller believes Bitcoin is the cream of the crop as far as cryptocurrencies are concerned. The founder and chief investment officer (CIO) of Miller Value Partners also thinks that the top-ranked cryptocurrency is similar to gold.
BITCOIN IS AN ‘INTERESTING TECHNOLOGICAL EXPERIMENT’
In a recent Bloomberg interview, the self-proclaimed ‘Bitcoin observer’ revealed that he is a Bitcoin investor both personally and as part of a partnership portfolio. He recognized the nascent nature of the market, declaring that no one knows how the asset will end up. Regarding his views of the asset itself, Miller said:
I think that it’s an interesting technological experiment. Every day that it doesn’t blow up or get regulated to zero, what’s going to happen is that more money flows into the ecosystem.
Many market experts have repeatedly said that the entry of institutional money is the next significant phase in the evolution of the cryptocurrency market. However, the entry of these big-money players is contingent on the emergence of robust custody tools as well as clear-cut regulations in the market.
MOST CRYPTOCURRENCIES ARE WORTHLESS
When asked about whether his stance on Bitcoin extended to other cryptocurrencies, Miller said:
Most of them [cryptocurrencies] are probably worthless. Bitcoin is the most stable of the currencies. I think it has the greatest probability of being successful. There are others that people like, but that’s the only one I’m interested in.
Earlier in the month, another billionaire investor, Marc Lasry of Avenue Capital Group, said that Bitcoin is the virtual currency that will attract the most investors.
BITCOIN IS A LOT LIKE GOLD
Concerning the appropriate classification for Bitcoin, Miller said that he sees the top-ranked cryptocurrency as a non-correlated asset that is most similar to gold. However, he stressed that BTC held some certain advantages over the precious metal, chief of which are its ease of transfer and ability to function as a medium of exchange.
Despite these advantages, Miller believes that BTC isn’t an yet an efficient payment system or a viable currency. Enthusiasts like Square CEO, Jack Dorsey, and Apple co-founder, Steve Wozniak believe BTC can be the single global currency within the next decade.
Miller also predicted that if Bitcoin was able to attain a third of the total market value of gold, then institutions like banks might become more interested in the asset. The current BTC market capitalization stands at $140 billion which is 47 percent of the total cryptocurrency market.