Billionaire investor, Bill Miller sees Bitcoin as the best investment choice in crypto. More than that, the founder and chief investment officer of Miller Value Partners believes that Bitcoin is similar to gold.
An interesting technological experiment
Miller calls himself the Bitcoin observer and he recently had an interview with Bloomberg in which he stated the fact that he invested in Bitcoin both personally and as part of a partnership portfolio.
He discussed the emerging market, and he said that no one knows how the asset will end up in the future.
“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,” he said about Bitcoin.
A lot of experts have been saying that the entry of institutional money is the next level in the evolution of the cryptosphere.
On the other hand, the entry of big money players in the space is contingent on the emergence of custody tools and regulations in the market.
Bitcoin is similar to gold, and most cryptos are worthless
Miller also expressed his opinion on other cryptos in the market and said that most of them are probably worthless.
He claimed that Bitcoin is the one with the highest potential of being successful and that’s why this is the asset that he’s interested in.
Regarding Bitcoin’s classification, Miller stated that he sees the crypto as a non-correlated asset that’s similar to gold. He also highlighted the fact that BTC has some advantages compared to gold which includes ease of transfer and the ability to function as a medium of exchange.
Despite all these praises, Miller believes that BTC is not an efficient payment system just yet or a viable currency.
He predicted that if Bitcoin were able to attain a third of the total market value of gold, then banks and other institutions might become more interested in it.