• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Billionaire Investor: Most Crypto Will Fail, Bitcoin is King

Nick Chong by Nick Chong
2 years ago
in Bitcoin, Cryptocurrency Technology
Reading Time: 3min read
Billionaire Investor: Most Crypto Will Fail, Bitcoin is King
Advertisement
Listen to Article

The ideology of Bitcoin maximalism is heavily contested in the cryptocurrency community, with many seeing an aversion to altcoins as a stigma from the bygone Bitcoin-centric market. However, an investing legend from legacy markets has taken a stand as a fighter for Bitcoin, and Bitcoin only, claiming that most other cryptocurrencies are worthless.

Bill Miller — An Unlikely Bitcoin Proponent

On Friday, Bill Miller, a sixty-eight year-old investor and fund manager with a net worth of $2 billion, took to Bloomberg to discuss his opinions on the cryptocurrency industry.

Bill Miller says Bitcoin is interesting but that most cryptocurrencies worthless https://t.co/keSepOKmkH pic.twitter.com/2bkHSiHa5L

— Bloomberg TV (@BloombergTV) July 27, 2018

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Miller first outlined his stake in the cryptocurrency market, noting that  he holds large amounts of Bitcoin in a partnership he is a part of, along with a “pretty significant” personal position in the foremost crypto asset at an average buy-in of $300.

As covered by NewsBTC, Miller has long been a cryptocurrency proponent, investing over $1 billion of his hedge fund’s liquid assets in Bitcoin over the past few years. Taking into account that his net worth is in the range of the hundreds of millions and an average acquisition cost of $300, it is likely that crypto assets make up a majority of his own fortune.

When prompted to talk about why he would make such an investment, he stated:

“It is an interesting technological experiment, that we don’t know how it is going to come out. Right now, at $7,800 or wherever it is today, is much less risky than when it was at $100, for the reason that every day that it doesn’t blow up, go to zero, or get regulated out of existence, is that more money is going to flow into the ecosystem.”

He later brought up an intriguing point about the scarcity of Bitcoin, and how there are currently only ~17 million of the cryptocurrency in circulation for 25 million millionaires worldwide. Taking these figures into account, the American investor went on to add that if every millionaire was to acquire one Bitcoin, the price of the asset would go up “non-linearly (exponentially).”

While this ambition seems advantageous, it is likely that the scarcity of Bitcoin will only drive prices higher moving into the future.

“Most Altcoins Are Worthless”

When queried about if the concept of the value of scarcity applies to altcoins, Miller adamantly stated that a majority of the over 1600 altcoins are worthless, pointing out that Bitcoin is one of the most stable assets in this nascent industry.

He also noted that the largest cryptocurrency by market capitalization has the highest chance of succeeding, while Etherum follows closely behind the so-called “digital gold” from his perspective.

There are two primary types of industry observers. Firstly, legacy market on-lookers who like to state that “Bitcoin doesn’t have intrinsic value” due to the fact that it doesn’t directly generate capital/profit as a result of the network’s operations. Secondly, crypto advocates who note that the “intrinsic value” argument is wildly misconstrued, as Bitcoin shouldn’t be valued in the same way a publicly-traded firm is.

Miller seems to be in the same boat as the latter, as he sees a multitude of ways to fairly value Bitcoin. The primary method which he sees to value such a crypto asset is to view it as a “non-correlated asset that is most similar to gold,” while it also can be transported with ease and can be utilized in retail environments.

As was later added, Bitcoin could eventually be seen as a direct alternative to gold, a “digital gold” if you may, with traditional institutions and “various central banks” acquiring Bitcoin as just another asset to keep under lock and key. If this forecast comes true, values for this asset will likely skyrocket, with Miller noting that Bitcoin could reach a valuation of one-third of the market capitalization of gold, which currently sits at $8 trillion.

He closed off the interview making an interesting point, noting that crypto investors shouldn’t put too many eggs in one basket, and should treat their investment into crypto assets as a “positive expectation lottery ticket” that could multiply to “10, 20 or even 50% of your assets in a couple of years.”

Featured Image From Shutterstock
Tags: altcoinBill Millerbitcoinbitcoin predictionbitcoin pricebloombergcryptocurrencycryptocurrency newsdigital goldNewstrading
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin En Route to $30,000 After Price Falls ~12% in a Day; Here’s Why

2 days ago
altcoins bitcoin crypto alt season altcoin xrp ethereum ripple litecoin

Centralized Wealth: The Downside To Institutional Bitcoin Buying

3 days ago
bitcoin dark web monero

Why The Dark Net’s Most Active Market Ditched Bitcoin For Monero

1 week ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Reclaims $40,000 as Powell Rubbishes Taper Tantrum Woes

1 week ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Logs Revenge Recovery as Lagarde Calls for Global Regulation

1 week ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Flickers Near $35,000 as Bond Yields Drop; A Detailed Outlook

1 week ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Cryptowisser Releases Report on Exchanges With Lowest Fees

January 22, 2021

LABS Group Announced Strategic Partnership with Centifuge to Provide DeFi Collateralized Property Backed Lending

January 22, 2021

Jump-starting Crypto Adoption: Aurix IEO Scheduled for January 21st on ExMarkets!

January 22, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.