Bitcoin is as a “technological experiment” that is “much less risky at USD 7,800 or wherever it is today than it was when it was at USD 100,” Bill Miller, the founder and chief investment officer of investment firm Miller Value Partners, said in a recent interview on Bloomberg TV.
The veteran investor – who claims to have bought bitcoin at an average price of about USD 300 – added that “for each day that it doesn’t blow up or gets regulated out of existence, more money is gonna flow into the ecosystem.”
Speaking of altcoins, Miller said that “there are 1,600 cryptocurrencies out there, and I would say most of them are probably worthless […] I think bitcoin has the greatest probability of being successful,” adding that he sees Ethereum as a close second runner in this race.
The investor also said that the best way to think of bitcoin is as a “non-correlated asset most similar to gold…except that it’s much more easily transportable than gold […] and it can actually be used to buy things.”
Miller further explained that if bitcoin were to become a third as valuable as gold, central banks would start looking at it as another asset to potentially hold in the same way they hold gold today, adding “that would open the market up extremely significantly.”
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