Famous American fund manager Bill Miller again spoke about Bitcoin and stated that as the price of the asset rises, the risks that are associated with it are decreasing.
In an interview with CNBC, Bill Miller commented on the recent rally of Bitcoin and expressed his opinion on the first cryptocurrency:
“Among the most interesting things about Bitcoin is the fact that it becomes ever less risky as its rate increases. This is exactly the opposite of the usual story with most stocks.”
Miller further described Bitcoin as a “supply and demand-driven asset” with around 900 BTC being put in circulation every day and a variety of retail and institutional investors purchasing huge amounts of the available coins.
“For those of you who are waiting for a price rollback – it already happened in the first quarter of last year. One could have purchased BTC for $4,000,” Miller noted, having in mind the March 2020 collapse of traditional and cryptocurrency markets amid the pandemic.
Considering the 300% Bitcoin growth last year, coupled with the 40% gain in 2021, Miller stated that the price of such profit is the volatility of the asset:
“You should be expecting BTC to be very volatile. If you cannot come to terms with that, you probably should not own Bitcoin. However, the instability of the asset is the price you have to pay for your profits.”
