Billionaire Bitcoin investor Bill Miller, calls altcoins worthless. Miller is a big time bitcoin investor whose net worth is capped at $2 billion. The 67-year-old presented his perspective to Bloomberg during an interview held on Friday.
The billionaire investor has invested in bitcoin to the tune of $1 billion. Miller stated he’s holding “pretty significant position in cryptocurrency” as a prominent crypto enthusiast.
According to him, all his investments were carried out from the liquid assets of his hedge fund. The net worth of all his possessions is nearly equivalent to hundreds and millions with $300 as an average cost of acquisition. In all indications, majority of his entire holdings is crypto assets.
When asked why he put such funds in cryptocurrency, the billionaire said: “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.”
Bill Miller, further during the interview placed an interesting fact about Bitcoin 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.
Bill’s views on altcoins
Bills was further asked on his take on altcoins , he described them worthless. He pointed out that in the crypto industry, Bitcoin happens to be the most trusted stable coin.
According Miller, He said cryptocurrency with maximum market cap is likely to succeed in the crypto market. In this context, Bitcoin which is also equated with “digital gold” is followed by Ethereum.
Bills Miller showed his trust for bitcoin and 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, Miller said.