Legendary investor Bill Miller, in an interview with Market Insider, called Bitcoin the best asset for protecting against inflation. The main cryptocurrency emerged in response to the 2008 crisis to be free from government control and manipulation, Miller explained. However, the investor has doubts about whether Bitcoin will be a reliable store of value.
Miller stated in April that the high volatility of digital assets is the price to be paid for their performance. Also, the investor agrees with the opinion that bitcoin is digital gold, since cryptocurrency is more convenient to use any precious metal. Bitcoin is easy to transfer anywhere in the world with a smartphone, so it is a better way to store savings than gold, the investor noted.
Bill Miller’s Miller Value Partners fund became one of the best in hedge fund history in 2019, with a return of 119%. The investor started buying bitcoins a few years ago, when they cost $ 300 per coin. A significant part of the fund’s capital was earned precisely on the growth of the value of the first cryptocurrency.