Fund Manager Bill Miller Unfazed by Falling BTC Price, Says Bitcoin Correction Is ‘Pretty Routine’

The founder and chief investment officer of Miller Value Partners, Bill Miller, is not disturbed by the falling price of bitcoin. While acknowledging that the price drop looks extreme when compared to the stock market, he says it is “pretty routine” for the cryptocurrency.

Bill Miller Sees Bitcoin Correction as ‘Pretty Routine’

Veteran investor Bill Miller is the founder of Miller Value Partners and currently serves as the chairman and chief investment officer. He manages Opportunity Equity and Income Strategy funds. Prior to Miller Value Partners, he co-founded Legg Mason Capital Management.

While stating that he does not “comment on normal fluctuations in stock or asset prices,” Miller told CNBC this week:

If I liked something at higher prices, it is a safe bet I will like it even more at lower prices.

Miller continued: “The bitcoin correction, while extreme if it happened to the equity market in such a short period, is right in line with moves we have seen many times in bitcoin.”

if (!window.GrowJs) (function () var s = document.createElement('script'); s.async = true; s.type = 'text/javascript'; s.src = 'https://bitcoinads.growadvertising.com/adserve/app'; var n = document.getElementsByTagName("script")[0]; n.parentNode.insertBefore(s, n); ()); var GrowJs = GrowJs || ; GrowJs.ads = GrowJs.ads || []; GrowJs.ads.push( node: document.currentScript.parentElement, handler: function (node) var banner = GrowJs.createBanner(node, 31, [300, 250], null, []); GrowJs.showBanner(banner.index); );

He added that when he came on CNBC to comment on the market back in March 2020, it was “because that 4-week drop was historic.” In contrast, the fund manager emphasized:

This one in bitcoin is pretty routine.

Miller has long been bullish about bitcoin and his hedge fund has been investing in the cryptocurrency for many years. In April, he said that he did not see the cryptocurrency as a bubble, stating that BTC was entering the mainstream.

In November last year, he predicted that every bank will have exposure to bitcoin. Since then, a growing number of major banks have started offering or are planning to offer bitcoin investments to clients, including Morgan Stanley, Goldman Sachs, DBS, UBS, and Citibank.

What do you think about Bill Miller’s view on bitcoin? Let us know in the comments section below.

Comments

A Jacobin Podcast Review: Critiques on Crypto and Sterlin’s Response

https://motleybloggers.com/wp-content/uploads/2022/01/a-jacobin-podcast-review-critiques-on-crypto-and-sterlins-response.jpg The following opinion editorial is a Jacobin Podcast review written by the author Sterlin Lujan , the chief risk officer with Cryptospace. The Jacobin Podcast episode called: “ Dig: Cryptocurrency w/ Edward Ongweso Jr & Jacob Silverman, ” touches upon “cryptocurrency, NFTs, Elon Musk, the metaverse, meme stocks, and techno-utopianism amid the crushing reality of our neoliberal hellscape.” Cryptocurrency isn’t fringe technology anymore. Over the last decade, it has become embedded into finance, culture, and even our social life. It’s drastically changing the way we think about money, economics, and human action. However, some people, primarily on the left, are skeptical of cryptocurrency. Many of them hate it, regardless of how much of a godsend it has been for many. My friend, thought leader, author, and psychedelic visionary, Daniel Pinchbeck, pointed out a

P2P Bitcoin Traders in Nigeria Think Outside the Box in the Wake of CBN Restrictions

After the Central Bank of Nigeria issued a directive targeting the country’s cryptocurrency industry, bitcoin and altcoin trade volumes on centralized exchanges immediately plunged. Nevertheless, the new regulations seem to have succeeded in boosting crypto trade volumes on informal markets or on peer-to-peer trading platforms. Nigerian Crypto Traders Get Creative Still, the increasing trades on informal platforms have also led to increased reports of users losing money to con artists. Moreover, with the CBN seemingly eager to see volumes of crypto trades plummet, Nigerian users had to find ingenious but legal ways of getting around the central bank’s imposed restrictions. As shown in one local report , one such legal way is through an app created by one local crypto start-up, Patricia. According to the report, this application is already enabling Nigerian users to buy or sell their crypto assets securely and without running afoul of CBN regulations. Therefore, in this report, we relis

Idaho Warns of Crypto Scams Promising 80% Returns Every 24 Hours

https://motleybloggers.com/wp-content/uploads/2022/05/idaho-warns-of-crypto-scams-promising-80-returns-every-24-hours.jpg The finance department of the U.S. state of Idaho has warned investors of a series of cryptocurrency scams promising returns as high as 80% every 24 hours with no risks to investors. Crypto Scams Promising High Returns The Idaho Department of Finance announced Wednesday “a series of fraudulent cryptocurrency schemes seen recently targeting Idaho investors.” The regulator detailed: The companies purport to provide high returns with no risks to the investor. These fraudulent schemes are operating under the names and websites of Crypto FX Direct, Shield Investors Ltd., Quartz FX Trade, and Finvest Trading. At the time of writing, some of the schemes’ websites are already offline. The regulator added: These websites make outrageous, demonstrably false statements and claims such as guaranteed returns on investment as high as 65% – 80% every 24 hours. To begin investing w

motleybloggers

Search This Blog