Billionaire investor Bill Miller believes that Bitcoin is the most stable cryptocurrency in the modern digital currency market. He has added that that Bitcoin is very similar to gold.
30 July, AtoZ Markets – Bill Miller, a billionaire investor, has shared his outlook regarding Bitcoin. He believes that Bitcoin is one of the most stable cryptocurrencies, calling it the “cream of the crop.”
Billionaire Investor Miller Says Bitcoin is the Most Stable Cryptocurrency
The founder and the chief investment officer (CIO) of Miller Value Partners has also stated that he believes the leading cryptocurrency is very similar to gold. Mr. Miller has recognized the nascent nature of the market, stating that there is no clarity regarding the future of Bitcoin. He has added:
“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.”
As a matter of fact, a number of other market experts have repeatedly stated that the inflow of institutional money will emerge as the next significant phase in the evolution of the cryptocurrency market. Yet, the entry of these big players is dependent on the emergence of stable protection tools and clear regulations in the market.
Mr. Miller has been also asked about his outlook regarding other cryptocurrencies. He has stated:
“Most of them [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.”
Bitcoin is Similar to Gold
Earlier this month, another notable investor, Marc Lasry of Avenue Capital Group, has stated that Bitcoin is the cryptocurrency that will attract the most investors.
As per the classification of Bitcoin, Mr. Miller has stated that he believes the leading cryptocurrency is a non-correlated asset that is very similar to gold. Yet, he has noted that Bitcoin has some advantages over the bullion, such as the ease of transfer and ability to act as a means of exchange.
In spite of these advantages, Miller believes that BTC is not yet an efficient payment system or a viable currency.
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