In communicating why he is still bullish on Bitcoin amid its astonishing fall from the all-time high of $69,000 to roughly $16,800 at press time, Bill Miller noted that BTC is a reliable asset, as it would always give a decent return on investment to investors, especially long-term holders. Terming this assertion a ‘sound speculation’, the veteran investor further stated that BTC has appreciated by over 190% from its lowest-recorded 2020 price – $5800. 

As remarked by the famed Value Investing Legend, “at the market low of 2020, Bitcoin was $5,800. Bitcoin is now $17,400. Roughly since then, the market is up 70%, and Bitcoin is up 190%. If anyone has a time horizon of longer than a year, you should do quite well in Bitcoin. I wouldn’t call that an investment. I would call it a speculation, but I would call it a sound speculation.”

Read Also: Crypto Veteran Bobby Lee Predicts When Bitcoin Bear Market Would End. Here’s His Timeline

In furtherance, he praised Bitcoin for still holding on very strong despite the meltdown of the FTX exchange and many other unfavorable occurrences recorded in the nascent space this year.

According to Bill Miller, the increase in interest rates by the Federal Reserve is one of the major factors fueling the Bitcoin price downtrend. Therefore, he cited that the implementation of easier monetary policies and a reduction in interest rates by the Feds is what BTC needs to rebound. 

He said, “I’m surprised Bitcoin isn’t at half of its current price given the FTX implosion. People have fled the space, so the fact that it’s still hanging in there at $17,000 is pretty remarkable. But inflation is being attacked and real rates are rising rapidly. I would expect that if and when the Federal Reserve begins to pivot [toward easier monetary policy], Bitcoin would do quite well.”

It is worth noting that in the last FOMC meeting for the year 2022, the Feds raised interest rates by 50 BPS to the 4.25% – 4.5% range, which triggered more dumping in crypto and stock prices. 

Read Also: Macro Expert Raoul Pal Says Bitcoin (BTC) is Set to go Exponential. Here’s why

While many investors may have panic-sold their crypto assets given the prevailing poor prices and several other updates signaling a lengthy crypto bear season, the 72-year-old multifaceted Investor is likely still holding and accumulating more BTC.

“I generally thrive on inaction. I don’t like to sell anything unless I’m forced to with margin calls. I recently bought more Amazon. I bought Silvergate a week ago and expect to buy more Coinbase,” he noted.

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The post Legendary Value Investor Bill Miller Remains Bullish on Bitcoin (BTC), States One Catalyst for Better Performance appeared first on Times Tabloid.

Miller made this known in a recent podcast appearance. In the podcast, he also took a jab at Galaxy Digital CEO Mike Novogratz’s Luna tattoo.

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Bitcoin Investors Should Ignore Warren Buffett

It should be noted that Buffett’s investment strategy is value investing. This implies that he bets on promising companies that he believes are undervalued.

The billionaire nonagenarian has repeatedly stated that Bitcoin has zero unique value since it does not produce anything.

Buffett, who has been critical of Bitcoin since 2014, recently said that he wouldn’t buy all existing cryptocurrencies for $25, adding that it would stand no chance against the U.S. dollar.

Berkshire Hathaway Vice Chairman Charlie Munger also went as far as predicting that Bitcoin would collapse to zero after comparing it to a venereal disease earlier this year.

However, Miller, who is also a devoted value investor, is not on the same page as Buffett and Munger when it comes to value investing.

According to the former Legg Mason (LM) chairman, the main objective of investing is to become wealthier, discarding the idea that an investor has to choose a productive asset.

Read Also: Warren Buffett to Indirectly Benefit from Bitcoin as Nubank Allocates 1% of Its Equity to BTC

Bill Miller Takes a Jab at Mike Novogratz’s Luna Tattoo

During the podcast, Miller also took a jab at Galaxy Digital CEO Mike Novogratz’s Luna tattoo. He said crypto billionaires should have chosen an asset that is more enduring like Bitcoin (BTC).

According to the prominent hedge fund manager, he likes Bitcoin because its supply is fixed at 21 million BTC, making it unaffected by demand. He also sees crypto as a hedge against financial upheavals.

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The post Bill Miller Takes a Jab at Mike Novogratz’s LUNA Tattoo, Urges Bitcoin Investors to Ignore Warren Buffett appeared first on Times Tabloid.