In an interview with Bloomberg, the founder and Director of information technology Value Partners Miller bill Miller (Bill Miller) made a positive assessment of bitcoin, describing it as “interesting technological experiment.” However, most other cryptocurrencies, in his opinion, useless.
At the time of publication, bitcoin is trading above $8000. Miller believes that this indicates stable confidence in the cryptocurrency, and the fact that the industry has become much less panic in comparison with the period when the bitcoin price stayed at around $100.
“Every day when bitcoin does not burst, does not fall to zero or is not prohibited, the amount of money coming into the ecosystem grows,” said Miller.
However, the billionaire suggested that the majority of the 1,600 existing cryptocurrencies are virtually useless and have no value. In his opinion, the most valuable of them — bitcoin in second place is the air.
Miller believes that bitcoin is uncorrelated asset like gold. In addition, he pointed out the potential of bitcoin to become a payment system, a viable currency, and to be recognized as another asset from the Central banks of the world. In his opinion, these factors can have a significant impact on the market, but the regulatory issues that affect the characteristic of volatility of the stock market, is unlikely to be resolved in the near future.
So, re the denial of registration for a bitcoin ETF received by the Winklevoss brothers, it seems, also had a negative impact on the industry. However, the expert notes that in considering the overall development of cryptocurrency we can confidently say that the potential benefits outweigh the associated risks.
According to Miller, the key to success in the market of bitcoin lies in the correct positioning and size of the portfolio. He explains that with the right calculations, investments in the current stock market can be viewed as a lottery ticket, which has more chances of winning than losing.
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