Billionaire Bill Miller sees no reason to worry about the current decline in bitcoin. He said this in a conversation with CNBC.
"If I liked something at high prices, it is safe to say that at low prices I will like it even more," he said.
These words may be little consolation for cryptocurrency investors, as they are uttered by a man who continued to invest in average amounts in Bear Stearns and Fannie Mae until the complete collapse of their shares in 2008. Both companies were at the center of the global financial crisis.
At the same time, the investor noted that the 50% correction experienced by bitcoin would be a disaster in the stock market, but is consistent with the movements of the cryptocurrency in the past. "I came to see you on the show in March 2020, because then the market decline in four weeks was historic. The current situation is quite ordinary for bitcoin, " he said.
ARK Investment Management CEO Kathy Wood, on the contrary, was confident in the ability of bitcoin to rise to $500,000 against the background of recent events. "I think we are going through a period of risk aversion in all assets. The correlation of volatile assets now tends to one, including bitcoin. In times like these, we overestimate values, but our belief in bitcoin remains high, " she said.
According to his own words, Miller started buying bitcoin between $200 and $300, and the average price for him was $500. He does not deny that he almost went bankrupt in the late 2000s, when the assets of his fund fell from $77 billion to $800 million due to a mass flight of investors, and his own fortune fell by 90% in a few months. Nevertheless, successful investments in Amazon and bitcoin helped him become a billionaire again.