In an interview with CNBC, American billionaire Bill Miller says he is still bullish about Bitcoin in the long term. In the short term, however, it wouldn’t surprise him if the price can still halve from here. That would mean a price of around $15,000 right now and likely cause total panic in the market. A drop of that magnitude would take a lot, but with the current macroeconomic storm hanging over the market, we can’t rule out anything.
Half of wealth in Bitcoin
In January, Miller revealed that half of his assets are now in Bitcoin. Which is not because he actually invested 50 percent of his assets in Bitcoin, but is the result of Bitcoin’s price appreciation in recent years. “People have lost a lot of money with crypto. They were probably speculating on things they don’t really understand,” Miller told CNBC.
Miller also points out in the interview that Bitcoin still shows a high correlation with the rest of the market. “Except Bitcoin, all cryptocurrencies, including Ethereum, are subject to competition,” Miller continues. Which thus indicates that Bitcoin has no competition as a store-of-value or money in the broader sense of the word.