The founder and chief investment officer of Miller Value Partners, Bill Miller, is not disturbed by the falling price of bitcoin. While acknowledging that the price drop looks extreme when compared to the stock market, he says it is “pretty routine” for the cryptocurrency.
Bill Miller Sees Bitcoin Correction as ‘Pretty Routine’
Veteran investor Bill Miller is the founder of Miller Value Partners and currently serves as the chairman and chief investment officer. He manages Opportunity Equity and Income Strategy funds. Prior to Miller Value Partners, he co-founded Legg Mason Capital Management.
While stating that he does not “comment on normal fluctuations in stock or asset prices,” Miller told CNBC this week:
Miller continued: “The bitcoin correction, while extreme if it happened to the equity market in such a short period, is right in line with moves we have seen many times in bitcoin.”
He added that when he came on CNBC to comment on the market back in March 2020, it was “because that 4-week drop was historic.” In contrast, the fund manager emphasized:
Miller has long been bullish about bitcoin and his hedge fund has been investing in the cryptocurrency for many years. In April, he said that he did not see the cryptocurrency as a bubble, stating that BTC was entering the mainstream.
In November last year, he predicted that every bank will have exposure to bitcoin. Since then, a growing number of major banks have started offering or are planning to offer bitcoin investments to clients, including Morgan Stanley, Goldman Sachs, DBS, UBS, and Citibank.