Bill Miller says Bitcoin can be “an insurance policy against financial disaster”, saying the number one cryptocurrency “will probably fare better than most of the market.”
As world economies teeter on the brink of potential financial disaster, Bitcoin can be an insurance hedge because it’s “not connected to the rest of the financial system” says legendary investor Bill Miller.
Bill Miller is a famed value investor, and will retire at the end of 2022. However, he says that there are opportunities in the stock market given the brutal selloff over the last few months.
He says that he remains bullish on Bitcoin, and says that cryptocurrencies are “misunderstood”. He believes that there will be a market rebound at some point, and when it does happen Bitcoin will be one of the assets that will benefit.
In an article in Forbes Digital Assets the veteran investor is quoted on his thoughts on the markets. He said:
“Stocks that worked in the last bull market for the last ten years or so through last November are now getting crushed.” He added, “Rising rates have caused growth compression.”
Miller believes that the Federal Reserve has been reactionary to economic data which has kept it behind the curve. In his view, the Fed should be more forward looking. He said that the present policy of raising interest rates at such a rapid rate might lead to the Fed going “too far”.
Miller bought Bitcoin at an early stage and became a strong advocate of the king of the cryptocurrencies. While acknowledging that Bitcoin can be volatile, he does believe that should the Fed tightening policy go too far then Bitcoin can do a lot better than most of the market.
The Forbes article ends with Miller quoting 3 greats who gave guidance. These were Warren Buffet, who said: “Be greedy when others are fearful”; John Templeton, who affirmed: “The time of maximum pessimism is the best time to buy”; and Leo Tolstoy who said: “The two most powerful warriors are patience and time.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Sourced from cryptodaily.co.uk.
Written by Laurie Dunn on 2022-10-15 09:16:22.
