Bill Miller Remains Bitcoin Bull Long Term

Alex Dovbnya

US Investor Bill Miller Doesn’t Rule Out a Steeper Bitcoin Correction After Falling to Just $25,000

In a recent interview with CNBC, American investor Bill Miller said he wouldn’t be surprised if Bitcoin’s price were to halve from its current level. However, he remains bullish in the long-term.

The veteran stock picker says he’s sold some for margin calls.

In January, Miller, who was chairman of Legg Mason Capital Management, revealed that he held half of his assets in the world’s largest cryptocurrency.

The fund manager believes that many people have lost their money in crypto. This should come as no surprise, according to Miller, after the collapse of initial coin offerings (ICOs) in 2018.

“My opinion is that people have lost a lot of money in crypto. They speculate about things they probably don’t know about,” he said.

Miller points out that Bitcoin is highly correlated with the market. Except for Bitcoin, all cryptocurrencies, including Ethereum, face competition, Miller said.

He adds that he has not heard a good argument about why one should not put one percent of his or her liquid assets in Bitcoin. The investor sees the largest cryptocurrency as a hedge.

However, he seemingly dodged a question as to whether the world’s largest cryptocurrency is a good buy at $29,000.

Earlier today, the largest cryptocurrency plunged to the $25,000 level, but it has now stabilized at $28,000.

The cryptocurrency market has been negatively impacted by the collapse of Terra, one of the leading smart contract projects.

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