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During a recent online interview, the billionaire investor expressed his overwhelmingly positive views on the crypto ecosystem.
During a recent conversation with author William Green, Bill Miller, a seasoned Wall Street investor and founder of Miller Value Partners, advocated for the rise of Bitcoin (BTC) but expressed scepticism about many of the altcoins born in 2017.
Miller believes in the well-documented thesis that Bitcoin represents digital gold, and unlike many of his financial contemporaries, the most prominent of whom is Warren Buffet, he has been an active investor in the digital asset space.
Miller dedicated 30% of his portfolio to the leading crypto asset Bitcoin in early 2016, at an average value of $500, and has more recently filed a motion with the SEC for Miller Opportunity Trust to invest in BTC via the institutional-grade $2.25 billion Grayscale Bitcoin Trust.
During the interview, Miller linked his first Bitcoin purchase to the current risk proposition, all while wearing a Bitcoin baseball cap:
“Bitcoin is a lot less risky at $43,000 than it was at $300. It’s now established, huge amounts of venture-capital money have gone into it, and all the big banks are getting involved.”
Miller also shared his perspective on the potential of altcoins, insinuating that few projects of the thousands on the marketplace will survive the market’s tumultuous volatility over the coming years:
“There are 10,000 various tokens and stuff floating out there. The chances of more than a handful of them being worthwhile is very, very small. Bitcoin, ethereum, and a few others are probably going to be around for a while.”
When discussing the growing influence of cryptocurrency exchange Coinbase, Miller advised investors not to be concerned about one- to two-year fluctuations in the Nasdaq-listed stock COIN, as the asset, in his qualified opinion, provides a “default position for growth investors.”
Furthermore, he drew parallels between the market capitalizations of Tesla and Coinbase, implying that the latter could match, if not exceed, the former’s valuation of $790 billion due to its position in a “rapidly growing, changing industry.”