Bill Miller, an experienced Wall Street investor and founderof Miller Value Partners, supported the rise of Bitcoin (BTC). However, he expressed doubts about many altcoins that were created during 2017.
Miller believes that Bitcoin is digital gold. He has also been an avid investor in the space, unlike Warren Buffet and many other prominent financial contemporaries.
Miller devoted 30% of his portfolio in 2016 to Bitcoin, the most valuable crypto asset. He also filed a motion to the SEC to establish Miller Opportunity Trust to invest BTC via the $2.25 billion Grayscale Bitcoin Trust.
Miller, while wearing a Bitcoin baseball hat, compared his first Bitcoin acquisition to today’s risk proposition.
“Bitcoin is much less risky at $43,000 as it was at $300.” It is now well-established, large amounts of venture capital money have been invested in it, and all the major banks are participating.”
Miller shared his views on altcoins’ potential, saying that only a few of the many projects on the market will be able to withstand the market’s volatile volatility in the next years.
There are 10,000 different tokens and other stuff out there. There are very few chances that more than one token will be worth something. Bitcoin, ethereum and a few other coins will likely be around for quite some time.
Related: Celebrity-funded Bitcoin Water Trust launched by clean-water organization
Miller discussed the rise of cryptocurrency exchange Coinbase and advised investors not to be concerned about the one-to-two-year fluctuations in the Nasdaq-listed stock COIN. He qualified his opinion that the asset is a “default situation for growth investors”.
He also made comparisons between Tesla’s market capitalization and Coinbase. This suggested that the exchange could surpass the former’s valuation of $790 billion, due to its position within a rapidly changing, growing industry.