Bill Miller, billionaire Bitcoin [BTC] investor, calls altcoins “worthless” 19765
Ashmita Dutta
Jul 28, 2018 at 7:00 PM

Bill Miller, a 67-year-old robust proponent of Bitcoin [BTC], called altcoins “worthless”. Miller, whose net worth is marked at $2billion, as a fund manager and billionaire investor has presented his perspective to Bloomberg. The interview with Bloomberg was held on Friday where he has given a vivid picture of his possession of Bitcoin [BTC] in partnerships.

As a prominent crypto enthusiast, Miller has made investments in Bitcoin [BTC] exceeding $1 billion. He has also mentioned about holding “pretty significant” position in crypto assets. He carried out the investments from the liquid assets of his hedge funds. The net worth of all his possessions is nearly equivalent to hundreds and millions with $300 as an average cost of acquisition. In all probability, majority portion of his entire holdings comprise crypto assets.

See also: Bitcoin price is bearish but cryptocurrency funds are booming: Report

During the interview, when he was questioned about the reason of his such investments he stated, “It is an interesting technological experiment that we don’t know how it is going to come out. Right now, at $7,800 or wherever it is today, is much less risky than when it was at $100, for the reason that every day that it doesn’t blow up, go to zero, or get regulated out of existence, is that more money is going to flow into the ecosystem.

As the interview progressed, he has placed an interesting fact about Bitcoin [BTC] on surface. He has provided the information that for 25 millionaires in the world only ~17 million of digital currencies are in circulation. The dearth in Bitcoin [BTC] in the crypto space would eventually lead to an upsurge in valuation in the upcoming times.

Miller’s opinions on altcoins

However, when asked to state about his take on altcoins encountering scarcity, he has been adamant to call them worthless. He has asserted the fact that in the crypto industry, Bitcoin [BTC] happens to be the most stable coin.

He has put forward his view commenting that cryptocurrency with maximum market cap is likely to succeed in the crypto market. In this context, Bitcoin [BTC] which is also equated with “digital gold” is followed by Ethereum [ETH].

See also: SEC rejects Bitcoin ETF proposal, BTC goes below $8000

Miller considers a number of ways to value this particular virtual currency. He has described it as “non-correlated asset that is most similar to gold.” This cryptocurrency is facilitated with its usability in retailing sector and having seamless transportation.

Image via Google

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