Bill Miller, a seasoned Wall Street investor and founder of Miller Value Partners, in a recent interview showed support for Bitcoin (BTC) but expressed doubt about several of the altcoins.
Miller believes Bitcoin represents digital gold, and unlike many of his financial contemporaries like Warren Buffet being the most renowned, he has been an active investor in the digital asset area.
Miller allocated 30% of his portfolio to the top crypto asset Bitcoin at an average value of $500 in early 2016 and has more recently filed an SEC filing for The Miller Opportunity Trust to invest in BTC via the institutional-grade $2.25 billion Grayscale Bitcoin Trust.
During the interview, Miller wore a Bitcoin baseball cap and compared his first Bitcoin purchase to the present risk proposition:
“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 discussed the potential of cryptocurrencies, implying that just a few of the thousands of projects on the market will withstand the market’s turbulence in 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 impact of crypto exchange Coinbase, Miller encouraged investors not to be concerned about the Nasdaq-listed stock COIN’s one- to two-year volatility, as the asset, in his qualified opinion, provides a “default position for growth investors.”
He also drew parallels between Tesla’s market capitalization and Coinbase’s, claiming that the latter might catch up to, if not surpass, Tesla’s valuation of $790 billion due to its position in a “rapidly growing, transforming the industry.”
