Legendary Investor Bill Miller Makes the Case for Bitcoin (BTC) Rise to $300,000 | Altcoins Rally!

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Bill Miller, chairman and chief investment officer of Miller Value Partners, is sharing his crypto investment strategy and why he’s bullish on Bitcoin (BTC).

In a FutureProof interview, the head of the investment firm that manages $3 billion in assets describes the start of his journey as a BTC believer.

“I got involved in Bitcoin around 2013. It was trading at around $200 or so when I started buying it. Then it ran up to around $1,100 to $1,200 and then Mt. Gox collapsed. [Bitcoin] collapsed all the way back to $200 again in 2014. I began to buy it again… My average cost is about $300 [a coin].”

Miller says there are several fundamental reasons why he became an early adopter and long-term advocate of the world’s leading cryptocurrency.

“The nature of what it was trying to do, it had many different ways to win. My view was if any of those various things – it became a currency, it became a payment system, it became a non-correlated asset – any of those things, much less all of them, would lead to a very dramatic move in the underlying price. That was also helped along by the fact that it is limited to 21 million Bitcoin and it is decentralized. It is not able to be tampered with or debased.”

From an investment standpoint, Miller says Bitcoin continues to offer a very favorable risk-reward ratio. He’s an advocate for a small 1% to 2% portfolio allocation to BTC. In the long run, he believes he could earn a 1000x or more return on his BTC investment, which would place Bitcoin at $300,000.

“I could make 100x of my money. I could make 1,000x, maybe more than that. I can only lose 100%… I still have it. I haven’t sold any Bitcoin…

Back in the 70s and early 80s, people were talking about putting 5% of your assets in gold because it’s a hedge. It’s an insurance policy in case inflation comes back again as it did in the 1970s. I would say that if that’s a sensible thing to do, then, certainly to have 1 to 2% of your assets in Bitcoin makes great sense here.”

The experienced investor also makes a unique case as to why Bitcoin is less risky now compared to when it was trading below $100.

“For most assets that you buy, the more they go up in price, the less value there is to be extracted out of it, and the riskier it becomes. Bitcoin is in an unusual position of being the exact opposite of that. It was very risky when it was trading at a dollar, $5, or $10. It could have easily disappeared.”

In other trending Bitcoin News today:

Bitcoin Price Stalls at $9,300, Altcoins Rally to New Multi-Year Highs

Within the last few hours, the Bitcoin (BTC) price pushed above $9,300 after struggling to hold the $9,300–$9,400 level for the past three days. As Bitcoin price slowly worked its way through resistance to $9,300, a handful of the top-50 altcoins posted strong double-digit gains.

Cardano (ADA) reached a new two-year high by rallying 26% to $0.13. 

Chainlink (LINK) also rallied 6.11% to a new all-time high at $5.99. VeChain (VET) was another top performer for the day with a 21.6% rally.

According to CoinMarketCap, the overall cryptocurrency market cap now stands at $271.3 billion and Bitcoin’s dominance rate is 63%.

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Show Notes / News Resources:
– https://dailyhodl.com/2020/07/08/legendary-investor-bill-miller-makes-the-case-for-bitcoin-btc-rise-to-300000/
– https://dailyhodl.com/2020/07/07/one-of-the-richest-bitcoin-whales-in-existence-just-moved-95000000-in-btc-heres-where-the-crypto-is-going/
– https://cointelegraph.com/news/bitcoin-price-stalls-at-9-300-altcoins-rally-to-new-multi-year-highs
– https://twitter.com/BtcBlockBot/status/1280165398470590464

DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky and so is investing into Cryptocurrency. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

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