Influential Wall Street mutual fund manager Bill Miller believes that most altcoins are worthless, but thinks that Bitcoin has the potential to disrupt multiple markets, including gold.
In a recent interview with Bloomberg, Miller provided more insights into his current positions within the digital asset market after first revealing he invested 1% of his net worth into bitcoin in 2014 last December.
“I have Bitcoin in a partnership that I run and I also have a pretty significant position individually with an average cost of $300 in Bitcoin.”
Miller, whose personalBTC holdings were bought for around $300 USD each on average, added that the risk magnitude of investing in BTC at its current price is far lower than what it was when the digital currency’s value was only $100. He said on friday,
“There’s 1600 cryptocurrencies out there, and I would say most of them are probably worthless. Bitcoin is, I think, the most stable of the currencies. I think it has the most probability of being successful […] that’s the only one I’m really focused on.”
Miller states that he sees the entire crypto industry as an “interesting technological experiment,” and that no one knows what will come of it. However, he emphasizes that Bitcoin offers a relatively de-risked investment opportunity with significant upside, due in large part to its potential utility as a store of value and unit of payment.
“At this point, the best way to think about Bitcoin is as a non-correlated asset most similar to gold, except its much more easily transportable than gold, it can actually be used to buy things.”
Miller noted that there are 25 million millionaires in the world and 17 million bitcoin, if every million bought one BTC, the price would rise ““non-linearly.”
However, when asked if his thinking applies to other cryptocurrencies, he described most altcoins as “probably worthless.” The fund manager feels that because BTC is the “most stable of the currencies,” it has the “biggest probability of being successful.”
Miller’s words follow closely behind news that NASDAQ, the world’s second largest exchange, held a closed-door meeting with big payers in the crypto sphere to discuss legitimizing cryptocurrencies.
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