In an interview published on Wednesday (19) by CNBC, hedge fund manager Bill Miller says he still considers bitcoin a safe investment and the lower price makes it even more attractive. cryptocurrency after its recent price drop. He pointed out that BTC is safe and investors should see it as an even more tempting asset, since its price is lower.
Volatility is very routine, explains Miller
After the recent drop in the price of BTC, many investors shared negative thoughts about its future. However, this is not the case for Bill Miller. In an interview with CNBC, the bitcoin proponent showed his confidence in crypto once more. Miller opined that BTC is safe, regardless of its price, and participants in the crypto community should not be discouraged by its recent downfall as it these events are somewhat normal. In addition, investors should find it even more attractive now, when the price has dropped significantly:
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"If I liked something with higher prices, it is safe to say that I will like it even more with lower prices." The professional investor admitted that he normally does not like to comment on the price of bitcoin, but now the market is under great pressure and the obstacles were quite unusual. In conclusion, Miller noted that the decline of Bitcoin could lead to “extreme consequences” for the financial world, but soon, it will return to its previous positions and the turmoil will subside. The price of the digital asset it dropped to about $ 30,000 on Wednesday, but it made a notable recovery on Thursday and is trading around $ 39,900 at the time of writing.
Professional investors say bitcoin is rat poison?
Despite his skeptical opinion of BTC in the past, Bill Miller has increasingly become an advocate of bitcoin, especially after the global economic hurdles caused by the COVID-19 pandemic. In November 2020, he stressed that demand from institutions and corporations it was growing faster than the BTC offer. In addition, Miller predicted that every major bank would own a part of the cryptocurrency at some point. He pointed out that BTC has outperformed “all major asset classes in the past 1, 3, 5 and 10 years.” In addition, the American philanthropist opposed the well-known billionaire Warren Buffett, who compared bitcoin to “rat poison:” ” Warren Buffett called bitcoin a 'rat poison'. He may be right. Bitcoin can be rat poison, and rat can be money (fiduciary). ”See also: Meet the Newsletter that pays $ 10 to $ 100 in bitcoin for you to exercise and other activities