Bill Miller on bitcoin
In the previous parts of this series, we analyzed Bill Miller’s view on both the equity market (SPX-INDEX) (SPY) and the bond market (BND). In this article, we’ll analyze Bill Miller’s view on bitcoin.
The legendary value investor Bill Miller is a significant investor in bitcoin. Bill Miller said, “One consequence of increased geopolitical dislocation might be another very large increase in Bitcoin’s value, as it is increasingly seen as isolated and insulated from the conventional economic system. I think all investors would prefer more stability and less drama, except perhaps those whose only investment are cryptoassets or gold.”
Bitcoin has had a solid performance in the last one year. It saw an all-time high of $19,343 on December 16, 2017. From January 28, 2017, to December 16, 2017, it gained 2,002%, a tremendous performance within such a small period. Since January 11, 2018, the major cryptocurrencies such as bitcoin, ripple, and ethereum have fallen significantly on the news that South Korea might ban cryptocurrency trading.
Billionaire investor Warren Buffett has a different stance on cryptocurrencies. Recently, he said, “In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending.”
You may be interested to read, Warren Buffett on Tax Reform, Cryptocurrencies, and Top Holdings.