Prominent American investor and chairman of Legg Mason Capital Management, Bill Miller, said that although he sold part of his bitcoin holdings, he continues to look at the market positively.
AT interview CNBC channel Bill Miller (Bill Miller) said that in the short term, Bitcoin could continue to decline and even fall by half from current levels. He even sold some of his BTC holdings to avoid a possible margin call. That is, Miller holds a margin position on the first cryptocurrency.
However, in the long term, he expects the cryptocurrency market to grow. The fund manager added that many people have lost money in the cryptocurrency market. Which, however, is not surprising, given the collapse of ICO projects in 2018:
“I think a lot of people have lost a lot of their money. They speculated on things they had no idea about at all.”
The investor also noted that bitcoin remains the only digital asset that is practically out of competition. All other cryptocurrencies compete fiercely with each other, even ETH. At the same time, bitcoin continues to correlate both with the entire cryptocurrency market and with the stock markets.
Miller declined to answer the host’s question about whether $29,000 is a good entry point into bitcoin. Note that at the time of publication, the bitcoin rate is hovering just above $30,000.
At the beginning of the year, Bill Miller announced that he had invested half of his personal capital in cryptocurrencies.
Source: Bits
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