Major American investor and fund manager Bill Miller spoke again about Bitcoin and said that as the price of BTC rises, the risks associated with it will decrease.
In an interview on CNBC, Bill Miller commented on the rise of Bitcoin and expressed his attitude towards the first cryptocurrency:
“One of the interesting things about bitcoin is that it becomes less risky as its price rises. This is the opposite of what happens with most stocks. “
Miller went on to describe bitcoin as a “supply and demand story” with around 900 BTC being generated every day and a multitude of retail and institutional investors buying up huge amounts of available coins.
“For those who are waiting for a price rollback – it was already in the first quarter of last year. You could have bought BTC for $ 4,000, ”Miller said, referring to the March collapse of traditional and cryptocurrency markets.
Against a backdrop of over 300% growth in bitcoin last year, coupled with a 40% gain in 2021, Miller said the price of that profit is the asset’s volatility:
“You should expect bitcoin to be very, very volatile. If you can’t come to terms with volatility, you probably shouldn’t own BTC. But its instability is the price you pay for its growth. “
Miller said in November that the value of bitcoin is unlikely to drop to zero, and large investment banks will invest in cryptocurrency. As a reminder, back in 2017, Miller successfully invested a third of his hedge fund’s money in Bitcoin.