The famous American investor bill Miller is convinced that bitcoin is the best and most stable cryptocurrency, which is similar to gold in many of its characteristics. It is reported by Bitcoinist.
The investor believes that the digital currency market is still emerging and therefore it is difficult to predict its further development. In General, Miller considers cryptocurrencies as an interesting technological experiment. According to him, it will be very interesting when "big money" institutional investors come to this market.
However, bill Miller is an obvious bitcoin maximalist who believes that altcoins are of very little use.
"Most of them [crypto-currencies] probably do not have any benefit. Bitcoin is one of the most stable cryptocurrencies. I think he has a lot of chances to be successful," the investor shared his opinion.
Miller also believes that bitcoin is good because it is a non-correlated asset that is similar to gold in many characteristics. However, he notes, the first cryptocurrency has a number of advantages over this precious metal. In particular, bitcoin is much more transportable and better performs the function of a means of exchange.
And yet, despite these advantages, Miller believes that bitcoin has not yet become an effective payment system or a viable currency. The investor also expressed the opinion that if the capitalization of bitcoin reached at least a third of the total market value of gold, then surely banks would consider the crypto currency as a reliable asset.
The first investment in cryptocurrency bill Miller made in 2014, investing in it 1% of its net assets. Now the founder of Miller Value Partners is already far over 60 and he calls himself "bitcoin expert".
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Estimates for the total market value of gold average roughly 7.5 trillion dollars. According to Bill Miller for Bitcoin to be taken serious by banks it must reach a capitalization value of 2.5 trillion dollars. Today, Bitcoin capitalization is valued at 130 billion dollars. Bitcoin would need to be almost 20 times its current value to achieve that level. Given the current amount of Bitcoin in existence, today (17,185,425), it would need to be roughly $145,000 per Bitcoin to reach that valuation. There are numerous financial analysts and hedge fund investors who are predicting those kinds of valuations in the next 5 years or so. This is why I tell my friends to buy a bitcoin, throw it in a wallet, turn off the news, and get back to me in 5 years. HODL everybody!
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