Bill Miller: ‘I Could Make 100x of My Money’

Bill Miller I Could Make 100x of My Money

Source: Scott Mlyn

According to Bill Miller, chairman, and chief investment officer of Miller Value Partners, Bitcoin continues to be a promising asset.

Miller gave an interview to FutureProof, where he talked about how he became a supporter of Bitcoin, and why he remains optimistic about the cryptocurrency with the largest market cap.

The investor drew attention to Bitcoin around 2013 when the exchange rate fluctuated at $200. Let us remember that then BTC reached the level of $1,100-1,200. The relatively stable situation did not last long – the Mt.Gox exchange was hacked, funds were stolen, and Bitcoin fell to $200 by 2014. Despite the market turmoil, Bill Miller did not abandon the idea of ​​investing in cryptocurrency and continued to buy BTC at a price close to $300.

Bill Miller admitted that he had a lot of reasons to be inspired by the idea of ​​cryptocurrency. Besides, these reasons turned out to be so significant that he believed in cryptocurrency at the initial stage, when there were more questions than answers.

Confidence in the prospects of the asset was reinforced by an assessment of possible risks. Miller said that then BTC could become a currency, a payment system, a decentralized asset with a limit of 21 million BTC. No one could control the cryptocurrency or in any way fake it, and a limited number of coins in circulation, in theory, should protect against inflation. There is always a risk, but at that time the investor felt that the advantages outweigh the disadvantages.

Speaking of Bitcoin as an asset for investment, Miller emphasized that today there is an adequate balance between potential profit and risk. He believes that it is best to invest a small part of your savings in cryptocurrency – 1-2% will be enough. Such a step will allow you to rely on a thousandfold profit if the BTC price reaches the mark of $300,000.

“I could make 100x of my money. I could make 1,000x, maybe more than that. I can only lose 100%… I still have it. I haven’t sold any Bitcoin…”

An experienced investor believes that investing in BTC today is not as risky as when its price was $100. Especially when it fluctuated within $1, $5, or $10. Bill Miller is sure – the more assets grow in value, the less value can be extracted from them. Besides, this can lead to serious risk, but in the case of Bitcoin, the opposite situation is observed.

Miller recalled that in the second half of the last century people talked about the need to keep 5% of the funds in gold. It was assumed that in this way it would be possible to protect at least a small part of your money from inflation. The investor believes that this idea looks extremely reasonable in today’s realities when the world is on the verge of another economic crisis. Moreover, 1-2% is not such a big part of the budget.