Fund manager and millionaire Bill Miller told Fox Business on Thursday that the cryptocurrency prices fall should not deter investors. Rather, large fluctuations should be seen as an indicator of the potential of digital currencies in general and Blockchain technology in particular. Miller even sees it as an advantage that coins are currently available so cheaply that new capital can be flushed into the market.
Compared to the peak in mid-December 2017, most coins lost up to half of their value within six weeks. Many investors were led to believe that cryptocurrencies simply blew the bubble. Former CEO of Legg Mason and founder of Value Partners told Fox News that one of its funds, MVP 1, invested up to 50% of its capital in Bitcoin. It is said that the fund grossed more than $ 150 million in October, when the Bitcoin price was under $ 6,000. Miller Value Partners claims that it manages assets of $ 2.34 billion.
As more and more financial experts assume a Bitcoin bubble, Miller already believed in the fall of last year that the rapid price increase was a sign that this new technology was going to shake up the industry. Miller is convinced that Bitcoin is as disruptive as other breakthrough innovations. He names, for example, the printing press, railways, electricity, radio, biotechnology or the Internet, which have simply replaced their predecessors. The low price of the digital currencies would also attract many investors, because they can currently enter the market so inexpensively. The price depression has the advantage that it would bring large amounts of capital into the market. If the price is lowest, it also shows whether an innovation can exist in the long term. Crypto market will grow again as Miller said!
His statements contrast sharply with statements by hedge fund manager Paul Singer, for example, who commented on the price erosion by saying that Bitcoin and the other cryptocurrencies should be considered one of the “most brilliant scams in history.”
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