Famous US investor Bill Miller, known for buying Bitcoin (BTC) for a long time, said that he sold in the last market crash. In a recent interview with CNBC, Miller said he wouldn’t be surprised if the Bitcoin price halves from its current level. However, it continues to rise in the long run. Here are the details…
Long-time Bitcoin investor sold a certain amount
Bitcoin (BTC) and the overall cryptocurrency market saw serious declines this week, as we have also reported on Kriptokoin.com. This caused some long-term BTC investors to sell their funds. The famous investor Bill Miller, who emerged as one of them, explained in an interview that although he continued to rise in BTC in the long run, he made a certain amount of sales in the light of recent price movements. According to his interview, the veteran stock investor says he sold some of his BTC for margin calls.
, who served as chairman of Legg Mason Capital Management in January, announced that half of his net worth is in the world’s largest cryptocurrency. The fund manager believes that many people have lost their cryptocurrencies. According to Miller, this is not surprising after the collapse of initial coin offerings (ICOs) in 2018.
Miller points to the fact that Bitcoin is highly correlated with the market. Except for Bitcoin, all cryptocurrencies, including Ethereum, face competition, according to Miller. He adds that he hasn’t heard a good argument as to why he shouldn’t invest one percent of his liquid net worth in Bitcoin. The investor sees the largest cryptocurrency as a hedge. He stated that he would be upset if BTC lost another 50 percent in its current state, but would not be surprised
What is the latest situation in the market?
Yesterday, Bitcoin, the largest cryptocurrency with its market value, fell to $ 27,300. At the time of writing, it appears to be showing mild signs of recovery. BTC’s value at the time of writing is around $30,467, up 11.2 percent. The cryptocurrency market was negatively impacted by the collapse of Terra, one of the leading smart contract projects.
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