The founder and chief investment officer (CIO) of Miller Value Partners also thinks that the top-ranked cryptocurrency is like gold.
“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.”
When asked about whether his stance on Bitcoin extended to other cryptocurrencies, Miller said: “Most cryptocurrencies are probably worthless. Bitcoin is the most stable of the currencies. I think it has the greatest probability of being successful. There are others that people like, but that’s the only one I’m interested in.”
Bill Miller also said that bitcoin has certain advantages over gold: ease of transfer and ability to function as a medium of exchange. Despite these advantages, he believes that BTC isn’t an yet an efficient payment system or a viable currency.
Miller predicted that if Bitcoin was able to attain 1/3 of the total market value of gold, then institutions like banks might become more interested in the asset. The current market capitalization of bitcoin stands at $140 billion, which is 47% of the total cryptocurrency market.
