Billionaire Bill Miller sees no reason to worry about the current decline in Bitcoin. He stated this in a conversation with CNBC.
“If I liked something at high prices, it is safe to say that at low prices I will like it even more,” he said.
These words can be little consolation to cryptocurrency investors, as they are spoken by a man who continued to invest in Bear Stearns and Fannie Mae until their total stock crash in 2008. Both companies found themselves at the center of the global financial crisis.
At the same time, the investor noted that the 50 percent correction experienced by Bitcoin would be a disaster in the stock market, but is consistent with the movements of the cryptocurrency in the past.
“I came to your show in March 2020 because then the market decline in four weeks was historical. The current situation is quite common for Bitcoin, ”he said.
ARK Investment Management CEO Katie Wood, on the contrary, was confident in the ability of bitcoin to rise to $ 500,000 against the backdrop of recent events.
“I think we are going through a period of risk aversion in all assets. The correlation of volatile assets is now tending towards one, including bitcoin. In times like these, we overestimate values, but our confidence in Bitcoin remains high, ”she said.
According to his own words, Miller started buying bitcoin between $ 200 and $ 300, and the average price for him was $ 500. He does not deny that he almost went bankrupt in the late 2000s, when the assets of his fund, due to the mass exodus of investors, dropped from $ 77 billion to $ 800 million, and his own fortune fell by 90% in a few months. Nevertheless, successful investments in Amazon and Bitcoin helped him become a billionaire again.
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