- Bill Miller personally invests in Bitcoin
- Bitcoin has certain benefits over gold, he says
- Tipping point could be when Bitcoin reaches one third of gold market
Billionaire investor Bill Miller thinks Bitcoin is a “bit like gold”. In a recent interview with Bloomberg, the CIO and founder of Miller Value Partners announced that he personally invests in Bitcoin and uses it as part of a business portfolio.
He conceded that the market remains “nascent” and said that nobody really has any idea where the cryptocurrency will go.
Miller continued: “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.”
Various market experts have said repeatedly that institutional investors entering the market are the next major phase in the development in the cryptocurrency market. The entry of these major investors, however, depends on the introduction of clear-cut market regulations and strong custody tools.
When it comes to other cryptocurrencies, Miller expressed the view that most of them are probably not worth a penny. Bitcoin, he added, was the most stable of them all and offered the best likelihood of becoming a success.
Earlier this month, Avenue Capital Group’s Marc Lasry said Bitcoin is the one cryptocurrency that will attract the biggest number of investors.
Miller compared Bitcoin to gold, but he said it actually has certain advantages over gold because of its ability to operate as a medium of exchange and its ease of transfer.
Apple Co-founder Steve Wozniak and Square CEO Jack Dorsey also believe that Bitcoin can become the single international currency within the next ten years.
Miller believes that institutions such as banks will become interested once Bitcoin reaches a third of gold’s market value.