Fund Manager Bill Miller Unfazed by Falling BTC Price, Says Bitcoin Correction Is ‘Pretty Routine’ – Markets and Prices Bitcoin News
The founder and chief funding officer of Miller Worth Companions, Invoice Miller, isn’t disturbed by the falling value of bitcoin. Whereas acknowledging that the worth drop appears to be like excessive when in comparison with the inventory market, he says it’s “fairly routine” for the cryptocurrency.
Invoice Miller Sees Bitcoin Correction as ‘Fairly Routine’
Veteran investor Invoice Miller is the founding father of Miller Worth Companions and presently serves because the chairman and chief funding officer. He manages Alternative Fairness and Revenue Technique funds. Previous to Miller Worth Companions, he co-founded Legg Mason Capital Administration.
Whereas stating that he doesn’t “touch upon regular fluctuations in inventory or asset costs,” Miller advised CNBC this week:
If I appreciated one thing at larger costs, it’s a secure wager I’ll prefer it much more at decrease costs.
Miller continued: “The bitcoin correction, whereas excessive if it occurred to the fairness market in such a brief interval, is correct according to strikes now we have seen many occasions in bitcoin.”
He added that when he got here on CNBC to remark in the marketplace again in March 2020, it was “as a result of that 4-week drop was historic.” In distinction, the fund supervisor emphasised:
This one in bitcoin is fairly routine.
Miller has lengthy been bullish about bitcoin and his hedge fund has been investing within the cryptocurrency for a few years. In April, he mentioned that he didn’t see the cryptocurrency as a bubble, stating that BTC was coming into the mainstream.
In November final yr, he predicted that each financial institution could have publicity to bitcoin. Since then, a rising variety of main banks have began providing or are planning to supply bitcoin investments to shoppers, together with Morgan Stanley, Goldman Sachs, DBS, UBS, and Citibank.
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