Longtime Investor Bill Miller Says Bitcoin is Not a Bubble

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Bitcoin’s ascend in recent years has sparked a lot of debate whether it’s 2017 all over again. That was the year of the famous bubble burst, when Bitcoin went up to skyscraping heights before the bubble burst. However, since then, the world’s top cryptocurrency has matured. It has made a stronger-than-ever comeback and found its place in numerous industries such as Bitcoin gaming where it’s being used by thousands of fans.

While the debate for another bubble burst is raging, some experts are adamant that 2017 won’t repeat. Longtime investor Bill Miller recently stated that not only Bitcoin is not a bubble, it has begun it’s rise into mainstream. Miller believes that the cryptocurrency is here to stay and doesn’t expect a major plunge.

More Room to Grow

In an interview he gave to The Exchange, Miller says that Bitcoin has room to grow. The founder and major investor in Miller Value Partners expects the cryptocurrency to climb to new heights. While Bitcoin’s price has just taken a significant dip, it has already railed in the area of 90% so far in 2021.

Such sky-high price points have led many to believe that it’ll be 2017 all over again. As you may remember, that was a breakout year where Bitcoin grew up to around $20,000 before the price feel for over 90%. It took Bitcoin a good 3-4 years to reach those heights and overcome them. This time, however, its situation is much more stable.

Per Miller, Bitcoin’s supply is growing at 2% per year. Demand is growing faster too and fueling new price heights. Miller expects this to continue, which means that the price will rise too soon. He is known to be bullish on Bitcoin and first started buying the cryptocurrency in 2014 or 2015. At that time, the price was around $350 per coin.

At the same time, Miller is very aware that the highly volatile price swings will continue. He’s aware that the 2017 run was a bubble that burst, but things are now different. According to him, Bitcoin is mainstreaming right now, and thanks to the backing of technological giants such as Tesla, things will only get better from here.

Bitcoin is Digital Gold

Another fun thing from Miller’s interview – he apparently calls Bitcoin “digital gold”. He’s not far off the mark. Bitcoin has been referred to as gold for a while now. Many experts are putting it on the same page as other stocks including gold and oil. It has the potential to grow into something much better and if you ask Miller, it’s better than gold.

At the moment, gold is an asset with a market cap of around $10 trillion. Bitcoin is at around $1 trillion at the moment. Unlike gold, it can be transported easily and sent anywhere in the world. As long as you’ve got a smartphone, it’s a much better asset to have.

Thanks to investors and supporters such as Miller, we’re sure that Bitcoin’s legendary run and story will continue.

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April 21, 2021: • No Comments

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