Early Amazon Investor Bill Miller is Still Bullish on Bitcoin Despite the Recent Crash – What Does he Know?

Adoption Bitcoin FTX
Last updated:
Author
Ruholamin Haqshanas
Author Categories
About Author

Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Bill Miller. Source: a video screenshot

Bill Miller, a famed American investor, fund manager, and philanthropist, is still bullish on Bitcoin despite the recent crypto meltdown that has seen the price of the flagship cryptocurrency plunge by around 75% compared to its all-time high. 

In an interview with Barron’s on Thursday, Miller said he is surprised Bitcoin has not lost more value amid the recent collapse of FTX, once the third-largest crypto exchange in the world that filed for bankruptcy in early November. 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.”

He mentioned that part of Bitcoin’s poor price performance could be attributed to raising rates. “I would expect that if and when the Federal Reserve begins to pivot [toward easier monetary policy], Bitcoin would do quite well,” he added. 

Miller further noted that he differentiates between Bitcoin, which he sees as a potential store of value like digital gold, and all the other cryptocurrencies. He said other digital assets can be categorized as venture speculation. 

He stated that Bitcoin is still up by around 190% compared to its 2020 low of $5,800, arguing that Bitcoin has performed quite well overall. He added:

“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.”

Aside from Bitcoin, Miller also disclosed that he owns shares in some of the biggest crypto companies, including cryptocurrency exchange Coinbase and Silvergate Capital, a crypto investment firm. He even claimed that he purchased more Silvergate shares a week ago and plans to buy more Coinbase.

Miller rose to prominence by outperforming the S&P 500 annually from 1991 to 2005. He subsequently served as the chairman and chief investment officer of Miller Value Partners, which had $1.9 billion in assets under management at the end of August 2022.

Miller’s comments come as the bulk majority of digital assets have lost around 70% of their value compared to their all-time highs so far this year amid the recent market downturn.

Bitcoin, the world’s largest crypto exchange, has been hovering around the $17,000 mark since the start of November, which is down by almost 75% compared to its ATH of $68,789.63 recorded in November 2021. Similarly, Ethereum is down by around 75% from its ATH of $4,891.

 

More Articles

Bitcoin News
North Carolina and Florida Push for Bitcoin Reserves
Hassan Shittu
Hassan Shittu
2025-02-10 23:39:40
Blockchain News
South Korean Coin Gate Lawmaker Kim Nam-guk Cleared of Wrongdoing
Tim Alper
Tim Alper
2025-02-10 23:30:00
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors