In a recent interview with CNBC, investment legend Bill Miller described bitcoin as “a true disruptor and true innovation in money”.
Miller Revealed That He and His Son Are Still Highly Bullish on Bitcoin
Famed investor Bill Miller discussed his thoughts on bitcoin with CNBC this past week.
Miller revealed that he and his son are still highly bullish on bitcoin. Miller described bitcoin as a major technological disruptor, and a catalyst for fierce change within the domain of finance. “It is a true disruptor and true innovation in money,” Miller said.
The investment legend has assessed bitcoin’s potential with a long-term perspective in mind. With regard to the scale of fiscal innovation and creative destruction that bitcoin may unleash upon traditional financial and monetary processes and technology, Miller described cryptocurrency as being a catalyst for economic disruption on a scale that “we haven’t seen… in thousands of years.”
“If [Bitcoin] Becomes Only 10 Percent as Popular as Gold, Then It’s an $800 Billion Market Value.”
The 10-year chief investment officer of Legg Mason Capital Management has been outspoken in his belief in bitcoin since investing heavily following the collapse Mt. Gox in 2014. In a 2014 interview with CNBC, Miller blasted negative comments regarding bitcoin that had been made by Warren Buffet, describing Buffet as possessing a “logical flaw in his thinking, and emphasizing the growth potential of bitcoin should expansion in the cryptocurrencies userbase continue.” “If [bitcoin] becomes only 10 percent as popular as gold, then it’s an $800 billion market value. You can lose 100 percent of your money, or you can make 120 times your money. I think the risk reward is OK.”
The fixed supply of bitcoin has always been of appeal to Miller, prompting the investor to make numerous comparisons between bitcoin and gold. Miller has previously emphasized the historic fluctuations in gold’s price when discussing the volatility of bitcoin, suggesting that Miller is in no way deterred by bitcoin’s price movements, and see bitcoin as a legitimate contender for mainstream status in the not too distant future.
Miller joins a long list of mainstream investors whose involvement with bitcoin has garnered the attention of mainstream financial press following the recent meteoric rise of bitcoin across 2017. Although all eyes are on bitcoin’s astounding gains right now, many investors like Miller were largely dismissed by the mainstream press when singing bitcoin’s praises during the post-China bubble downtrend.