Bitcoin has the potential to reach amounts with… a lot of zeroes or even a single zero, points out the famous Wall Street investor, Bill Miller, speaking in an interview with CNBC on Monday, January 7th.
The founder of investment firm Miller Value Partners called Bitcoin a very interesting technological experiment, while as far as its investment side is concerned, the “guru” of the market stressed that there is a clear pattern of “higher lows” every year.
What the higher lows mean each year
This essentially means that the lowest price of Bitcoin in a given year is ever higher each year.
- 2012 was $4,
- 2013 $65,
- 2014 $200 and so on,
reaching a year low of $3,200 in 2018, now above $4,000.
In other words, the “hardcore” bitcoin holders, i.e. those who do not sell no matter what, are gradually increasing every year!
Miller said: “Bitcoin can go to be worth a great deal, or nothing.”
The investor also pointed to another trend in the cryptocurrency, noting that in 2018 Bitcoin hit a “rock bottom” 52 weeks after its historic highs in December 2017, almost a year later, while stock markets followed the same course 3-4 weeks later.
One reason Miller also prefers to include cryptocurrencies in his portfolio is the fact that there is no obvious correlation between cryptocurrencies, stocks and bonds: cryptos may be down, while stocks go up, and vice versa.
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Bubbles Are Needed
“I’m a Bitcoin watcher, but I wouldn’t still call myself a supporter,” Miller concludes.
In December 2007, when Bitcoin hit a record $20,000, Miller had invested nearly 50% of his hedge fund’s money in the top cryptocurrencies. It is noted that in September 2018, the total value of portfolios managed by his company reaches almost EUR 3 billion.
In fact, six months later, Miller revealed that he owns a brave 1% of his total personal assets in Bitcoin as early as 2014.
In March 2018, when Bitcoin was steadily on a downward trajectory, Miller argued that “bubbles are necessary to inject capital into a new market to see if innovations will withstand time.”
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