The market actually needs this “bubble” to find out whether the idea of this new technology can be adopted says Bill Miller, multi-millionaire investor and founder of hedge fund Miller Value Partners, sharing his positive view on the cryptocurrency market sell-off adding that investors should not be worried about it in a Fox Business exclusive interview.
He called himself a bitcoin "observer" rather than a Bitcoin “believer” or “evangelist”.
He compared the Bitcoin to other major inventions that followed the time honored path of disruptive innovation going all the way back to the printing press, railroad, electricity, radio in the 1920s, biotech, the internet.
“Bubbles are necessary to bring capital into the market to see if these innovations are actually going to stand,” the famous investor argued, citing the idea of ‘Diffusion Of Innovations’ by Everett M. Rogers.
What is your take on how would bitcoin do in coming months?
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