Bill Miller, a seasoned Wall Street investor and founder of Miller Value Partners, recommended for the climb of Bitcoin (BTC) in a recent conversation with author William Green, but expressed skepticism about many altcoins born in 2017.
Miller subscribes to the well-documented thesis that Bitcoin portrays digital gold, and unlike many of its financial contemporaries – Warren Buffet being the most prominent – he has been an avid investor in the digital asset space.
In early 2016, Miller dedicated 30% of its portfolio to the leading Bitcoin crypto asset at an average value of $500 and has more recently threadhas filed a petition with the SEC for Miller Opportunity Trust to invest in BTC through the $2.25 billion institutional-grade Grayscale Bitcoin Trust.
During the interview, Miller correlated his first Bitcoin acquisition to the current risk proposition seen today, while wearing a Bitcoin baseball cap:
“Bitcoin is a lot less risky at $43,000 than it was at $300. It’s now established, huge amounts of venture capital money has been poured into it, and all the big banks are in there. stakes.
Miller also shared his perspective on the potential of altcoins, hinting that few projects out of thousands on the market will survive the tumultuous market volatility over the next few years:
“There are 10,000 tokens and other miscellaneous items floating around there. The odds that more than a handful of them are worth it are very, very low. Bitcoin, Ethereum and a few others are likely to be around for a while.
Discussing the budding influence of crypto exchange Coinbase, Miller advised investors not to be cautious about the one-to-two-year swings in Nasdaq-listed COIN stock, because according to his qualified opinion, the asset offers a “default position for growth investors”.
Additionally, he drew comparisons between the market capitalization of electric car giant Tesla and Coinbase, suggesting that the exchange could reach and even exceed the former’s valuation of around $790 billion due to its position in a “rapidly growing and changing industry”. .”