Bill Miller: “Bitcoin is very different from centralized crypto companies”

The investor and billionaire believes that bitcoin as a project is fundamentally different from centralized cryptocurrency projects and is able to function without failure.

In an interview with CNBC, Bill Miller stated that Bitcoin has nothing to do with organizations such as FTX and Celsius Network, the collapse of which scared away many potential investors from the cryptocurrency industry. FTX and Celsius failed largely due to the fact that their activities depended on their own management, which cannot be said about the BTC blockchain. Miller turned his attention to the traditional market during the pandemic, when the US Federal Reserve (Fed) had to intervene in the struggle for liquidity and print a lot of money.

“The Fed threw the market a lifeline, while Bitcoin did a great job on its own. The first cryptocurrency is traded around the clock, and the bitcoin market has not yet had a crash, ”said Bill Miller.

The investor raised the topic of the volatility of the first cryptocurrency, for which it is often criticized by supporters of investments in traditional assets. Miller stressed that over the past month, Bitcoin has been much less volatile than the stock market. Despite the situation with the FTX exchange and the arrest of its founder Sam Bankman-Fried (Sam Bankman-Fried), who was released on December 22 on a security of $ 250 million, bitcoin remains the leader in the market capitalization of cryptocurrencies, the investor added. Now this figure reaches $331.9 billion, and bitcoin is trading above $17,200 per coin.

Last year, Miller also spoke out in support of bitcoin, calling it a tool for accessing financial services that does not lose its effectiveness even during military conflicts and economic crisis.