Legendary Investor Sees Bitcoin Going Up To $300k

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Bitcoin Bull

Legendary investor Bill Miller shared his bullish sentiment on Bitcoin, explaining how he’s been hodling ever since buying in back in 2013.

The chairman and chief investment officer of Miller Value Partners was speaking on a FutureProof interview in which he was happy to explain his Bitcoin beliefs and journey.

Miller Has HODL Bitcoin Since 2013

‘I got involved in Bitcoin around 2013,’ said Miller. ‘It was trading at around $200 or so when I started buying it. Then it ran up to around $1,100 to $1,200 and then Mt. Gox collapsed, then collapsed all the way back to $200 again in 2014.’

Miller said he rode the wave up from $200 and after the Mt. Gox hack, he started to buy again, explaining his average buy in price is about $300.

The veteran investor explained several ‘fundamental reasons’ for why he chose to get into Bitcoin early.

Bitcoin Bullish

‘The nature of what it was trying to do, it had many different ways to win. My view was if any of those various things – it became a currency, it became a payment system, it became a non-correlated asset – any of those things, much less all of them, would lead to a very dramatic move in the underlying price. That was also helped along by the fact that it is limited to 21 million Bitcoin and it is decentralized. It is not able to be tampered with or debased.’

Bitcoin Risk-Reward Is Very Favorable

And it’s certainly paid off for Miller who hasn’t sold any BTC, and is keen to advise his clients to try a small 1-2% portfolio alloction into Bitcoin.

‘It has a very favourable risk-reward ration,’ says Miller, who believes Bitcoin could run all the way up to $300,000.

‘I could make 100x of my money. I could make 1,000x, maybe more than that. I can only lose 100%… I still have it. I haven’t sold any Bitcoin.’

‘Back in the 70s and early 80s, people were talking about putting 5% of your assets in gold because it’s a hedge. It’s an insurance policy in case inflation comes back again as it did in the 1970s. I would say that if that’s a sensible thing to do, then, certainly to have 1 to 2% of your assets in Bitcoin makes great sense here.’

Risk? What Risk?

And when questioned about the risk, Miller claimed that unlike all other assets Bitcoin was much less of a risk now compared with when it was cheaper below $100.

‘For most assets that you buy, the more they go up in price, the less value there is to be extracted out of it, and the riskier it becomes,’ said Miller. ‘Bitcoin is in an unusual position of being the exact opposite of that. It was very risky when it was trading at a dollar, $5, or $10. It could have easily disappeared.’

Bitcoin To the moon

The Bitcoin Narrative Is Changing

Back in 2013 Bitcoin was drug dealer’s money, well so the narrative was, then it was magic Internet money, then it was all about blockchain, bla bla bla…

Bitcoin is maturing. We see this with all the new markets sprouting up, the investment in mining, and of course with veteran investors like Bill Miller and Paul Tudor Jones.

Miller has quietly been into Bitcoin since 2013, and rode it all the way up to $20k, and back down again, but he sees what many of us see.

And when many others see what we all see, this consolidation phase is going to be a launch pad for the bull part of the cycle, and we might just see $300k sooner than Miller thinks.

Author: Pablo Clarke

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Bitcoin FAQs

How do you make money with Bitcoin?

There are many ways to make money with Bitcoin. The most obvious way is to mine Bitcoin. Bitcoin mining is the process of verifying transactions, and helping to secure the Bitcoin network. Bitcoin miners are rewarded with bitcoins for their work.

Is Bitcoin legal?

As of July 2020, Bitcoin is legal in most countries. The US, UK, Canada, Japan, and all other developed nations it is very much legal. However, the legal status of Bitcoin varies in other jurisdictions.

Can I get rich with Bitcoin?

You can get rich from Bitcoin, but most people haven’t. Anybody who expects to get rich, especially from a little investment, will likely be disappointed. Bitcoin isn’t a get rich quick scheme, and should be seen as a risky and volatile asset that could bring gains for anybody who can stomach volatility.

Can you buy less than 1 Bitcoin?

Yes. Every Bitcoin can broken down into 100 million bits. They are known as satoshis, after the pseudonymous creator Satoshi Nakamoto. And some companies will let you buy as little as $1 worth of Bitcoin, which at time of writing is worth about 11,000 satoshis.

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