In an interview with Barron’s on Thursday, famend investor Invoice Miller expressed shock on the resilience of bitcoin within the latest collapse of FTX, as soon as the world’s third-largest cryptocurrency alternate. The alternate filed for chapter in early November, inflicting a big drop within the worth of many cryptocurrencies.
Miller, who’s the chairman and CIO of Miller Worth Companions, has been a long-time believer within the potential of bitcoin and different cryptocurrencies. He famously made a wager in 2014 that bitcoin would outperform the S&P 500, which it will definitely did.
Regardless of the latest turmoil within the cryptocurrency market, Miller stays bullish on bitcoin and different digital property. He pointed to the rising institutional adoption of cryptocurrencies and the rising curiosity in decentralized finance as key drivers of future development.
“I used to be stunned that bitcoin didn’t lose extra worth within the FTX chapter,” Miller informed Barron’s. “However I feel that’s a testomony to the rising energy and resilience of the cryptocurrency market. It’s clear that institutional traders have gotten increasingly snug with digital property, and I feel that development is barely going to proceed.”
Miller additionally famous that the latest crash within the conventional inventory market has induced many traders to hunt out various property, together with cryptocurrencies. He believes that bitcoin and different digital property may benefit from the present financial uncertainty, as traders search for methods to diversify their portfolios.
“The inventory market has had a tough yr, and I feel that’s going to proceed for the foreseeable future,” he mentioned. “Individuals are in search of various investments, and I feel cryptocurrencies are going to be an enormous a part of that.”
General, Miller stays optimistic about the way forward for the cryptocurrency market and believes that bitcoin and different digital property have the potential to turn out to be mainstream investments within the coming years.
“I feel we’re simply scratching the floor of what’s potential with cryptocurrencies,” he mentioned. “We’re going to see increasingly institutional adoption, and I feel that’s going to drive the market to new heights. It’s an thrilling time to be within the crypto house.”