The American investor Bill Miller backed up the primary cryptocurrency after its recent price collapse. He outlined that BTC is safe, and investors should see it as an even more tempting asset since its value is lower.
Don’t Give Up On BTC
Following the recent crash in BTC’s price, many investors shared negative thoughts about its future. However, this is not the case with Bill Miller. In an interview for CNBC, the bitcoin proponent showed his support towards the primary cryptocurrency once again.
Miller opined that BTC is safe regardless of its price, and the participants in the crypto community should not be faded by its recent drop as these events are somewhat normal. Additionally, investors should find it even more attractive now when the value decreased significantly:
”If I liked something at higher prices it is a safe bet I will like it even more at lower prices.”
The hedge fund investor admitted that normally he is not keen on commenting on the value of the primary cryptocurrency, but now the market is under big pressure, and the obstacles were quite unusual.
In conclusion, Miller noted that Bitcoin’s decline might lead to ”extreme consequences” for the financial world, but soon enough, it will go back to its previous positions, and the turbulence will settle down.
Bill Miller. Source: Bloomberg
The price of the digital asset crashed to $30,000 yesterday. As of writing these lines, though, BTC trades at around $40,000, which is a remarkable comeback for a period of less than 24 hours.
BTC – ‘Rat Poison For Cash’
Despite his skeptical BTC opinion in the past, Bill Miller has been supportive lately, especially after the global economic hurdles caused by the COVID-19 pandemic.
Back in November 2020, he highlighted that the demand from institutions and corporations is growing faster than BTC’s supply. Furthermore, Miller predicted that every major bank would own a portion of the cryptocurrency at some point. He even pointed out that BTC outperformed ”all major asset classes over the past 1, 3, 5, and 10 years.”
Moreover, the American philanthropist opposed the well-known crypto basher Warren Buffet who compared bitcoin to ‘rat poison:’
”Warren Buffet famously called bitcoin ‘rat poison.’ He may well be right. Bitcoin could be rat poison, and the rat could be cash.”
Featured Image Courtesy of CNBC