Bill Miller, founder and chief investment officer of Miller Value Partners has said that Bitcoin is the most stable cryptocurrency. The billionaire investor, who recently revealed that he is an investor of Bitcoin, has also said that he believes Bitcoin is similar to gold.
Miller spoke about the cryptocurrency in a recent interview with Bloomberg:
I think that it’s an interesting technological experiment. Every day that it doesn’t blow up or get regulated to zero, what’s going to happen is that more money flows into the ecosystem.
The investor showed less enthusiasm, however, when asked about other cryptos.
Most of them [cryptocurrencies] are probably worthless. Bitcoin is the most stable of the currencies. I think it has the greatest probability of being successful. There are others that people like, but that’s the only one I’m interested in.
Marc Lasry of Avenue Capital Group also said that Bitcoin would attract the most investors earlier this month.
Bitcoin is similar to gold
When asked about the classification of Bitcoin, Miller said he believes the currency is a non-correlated asset most similar to gold. He also claimed that Bitcoin had several advantages over gold, such as ease of transfer and ability to function as a medium of exchange. He predicted that if Bitcoin were to reach even a third of the market value of gold, banks would become more interested in the asset. Bitcoin’s current market capitalisation is around €120 billion. This makes up 47% of the entire cryptocurrency market.
Miller admitted, however that despite these advantages, Bitcoin isn’t yet an efficient payment method or viable currency. However, enthusiasts such as Steve Wozniak and Jack Dorsey have claimed that Bitcoin can become the single global currency within the next decade.