American Investor Bill Miller: Bitcoin is Dramatically Different
American investor and fund manager Bill Miller III has reiterated his belief in Bitcoin (BTC) and described it as a dramatically different asset. During a televised program on CNBC, Miller III compared BTC to other assets that have struggled over the years. He explained that while the Feds intervened to save the mainstream market during the COVID-19 pandemic, the BTC network ran continuously without interruption.
Moreover, Miller III defended BTC against the idea that it has collapsed, considering the significant price drop from an all-time high (ATH) of $69,045. He debunked this incorrect analysis and explained that since the market low in March 2020, the mainstream market has climbed by only 70%.
During the same period, the price of bitcoin has risen by 190%. Therefore, by side-by-side comparison, BTC is a better-performing asset.
The idea of judging BTC based on the yardstick of collapsed exchanges like FTX and Celsius was also discouraged by Miller III. He clarified that FTX, Celsius, and their likes are centralized entities that should not be confused with BTC. He said;
I think it’s very important to understand Bitcoin is dramatically different.
He advised the public not to confuse volatility with value, noting that BTC is only more volatile than the mainstream market.
The show also featured the son of Miller III, Bill Miller IV, who acknowledged BTC as one of their favorite things. Miller IV expressed a bullish sentiment for BTC and expected the price to pick up toward the end of the year.
One key factor mentioned by Miller IV in support of his argument is the anticipated BTC halving that will happen in 2024. This adds to the expected monetary stimulation that has been a part of the market for many years.
Like his father, Miller IV used the opportunity on the show to correct a narrative about BTC. Of all the phrases, he insisted that the proper way to describe BTC is as “a new asset class.” He called Bitcoin a phenomenal store of value whose network is growing stronger and more secure by the day.
Asked how much BTC his fund holds, Miller IV responded by saying that it is a small percentage, which he would not call a small percentage.
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