Bill Miller, billionaire investor and founder/chief investment officer of Miller Value Partners, believes Bitcoin is the most stable cryptocurrency, as stable as gold.
Recently, Miller spoke to Bloomberg about Bitcoin and the nature of the emerging cryptocurrency space. A self-proclaimed “Bitcoin observer,” Miller said he has invested in Bitcoin personally as well as part of a partnership portfolio. While he admits no one can predict how the crypto asset will end up, he also said, “I think that it’s an interesting technological experiment. Every day that it doesn’t blow up or get regulated to zero, what’s going to happen is that more money flows into the ecosystem.”
Experts have been saying that institutional investment is the next significant phase in the evolution of the cryptocurrency market, but that this will likely not happen until clear regulations are in place.
Although Miller is a fan of Bitcoin, he does not share a similar sentiment toward other cryptocurrencies. He said, “Most of them [cryptocurrencies] are probably worthless. Bitcoin is the most stable of the currencies. I think it has the greatest probability of being successful. There are others that people like, but that’s the only one I’m interested in.”
Earlier this month, Marc Lasry of Avenue Capital Group stated that Bitcoin is the cryptocurrency that will attract the most investors.
Miller said that he sees the world’s top-ranked cryptocurrency as a non-correlated asset similar to gold, but that Bitcoin has distinct advantages over gold, especially the ease of transfer and its ability to function as a medium of exchange.
He predicted that if Bitcoin could attain a third of the total market value of gold, then banks and other financial institutions may become more interested in cryptocurrency. Currently, the BTC market cap stands at $140 billion, or 47% of the total cryptocurrency market.
However, Miller also believes that Bitcoin is not yet positioned to be an efficient payment system, nor is it yet a viable currency. Apple co-founder Steve Wozniak and Square CEO Jack Dorsey are also Bitcoin fans. Both have said that Bitcoin could become the single global currency within the next 10 years.