Billionaire Bill Miller is Still Bullish About Bitcoin: BTC Can Be Worth a Lot in the Future
During a conversation with CNBC, Bill Miller, the CIO of Miller Value Partners, commented that Bitcoin (BTC) has the potential to be worth a lot. Back in 2018, the most popular digital asset dropped more than 80%. Now, experts are wondering whether it will start growing in the near future.
While speaking with ‘The Exchange’ he said that cryptocurrencies are not correlated with stocks or bonds. This is why Bitcoin is a good portfolio diversifier for investors. Indeed, there are several experts such as Alex Krüger, that show that Bitcoin is not correlated with the Standard & Poort 500 index in the last 180 days.
As of late bitcoin has been positively correlated to the S&P 500. However, short term correlations are unstable and fluctuate around zero, and the 180 day correlation stands right at 0. pic.twitter.com/AW1GdQPLMV
— Alex Krüger (@krugermacro) December 3, 2018
Anthony Pompliano has also mentioned in a recent blog post that Bitcoin is great to diversify a portfolio because of this same characteristic.
Miller continued explaining how Bitcoin performed during the last year. He compared the stock market with Bitcoin saying that there was a negative correlation between both markets. The stock market rallied until September and Bitcoin fell until December 2018.
He then said that Bitcoin is an interesting technological experiment that has been registering higher lows as years passed. Miller has also said that he has Bitcoin on his portfolio because it is not correlated to any asset and because it has the potential to be worth a lot and also zero.
“I am Bitcoin observer but I wouldn’t call it a believer;”
said Miller and added that there is a great opportunity in this digital asset.