One of the things that confuse crypto investors especially new ones is which cryptocurrency to invest in. Today, Bitcoin is the most dominant cryptocurrency. Considered a pioneer, many other cryptocurrencies based their technology on the example made by Satoshi Nakamoto.
If you will ask Bill Miller who is a billionaire hedge fund manager and is the founder and chief investment officer of Miller Value Partners, he thinks that the Bitcoin is the top-ranked cryptocurrency that can is similar to gold.
No One Knows How the Asset is Going to End Up
In his interview with Bloomberg, Miller revealed that he is both a Bitcoin investor as well as an observer. He invested in Bitcoin both as part of his partnership portfolio and his personal investment as well. He mentioned that no one exactly knows the future of Bitcoin. No one can accurately predict where it is going to end up.
He mentioned that: “I think that it’s an interesting technological experiment. Every day that it doesn’t blow up or get regulated to zero, what’s going to happen is that more money flows into the ecosystem”.
He also believes that Bitcoin is the top cryptocurrency today. He said that “most of them are probably worthless. Bitcoin is the most stable of the currencies. I think it has the greatest probability of being successful. There are others that people like, but that’s the only one I’m interested in”.
The Need for Regulatory Clarity
Though there are a lot of crypto experts such as Tom Lee who is bullish on Bitcoin and the market saying that Bitcoin could even surpass its all-time high this year, things are not a simple as it seems. In order for institutional investors to enter the picture, there should be robust custody tools and clear-cut regulations that govern the market.
US Securities and Exchange Commission has already considered Bitcoin as a commodity. On the other hand, it still hasn’t approved any Bitcoin ETF. It recently rejected the application of the Winklevoss Twins for the second time around.
Just Like Gold
Miller believes that Bitcoin is just like gold. However, he believes that Bitcoin has some advantages over precious metals. One of the things that make Bitcoin better than gold is the fact that it can be transferred easily and could even be used as a medium of exchange. However, despite this opinion regarding Bitcoin, he still believes that Bitcoin is still not yet an efficient payment system.
In fact, this is also the criticism of Litecoin founder Charlie Lee. And for this reason, he made his Litecoin which offers faster and cheaper transactions.
However, there are those crypto enthusiasts such as Jack Dorsey who is Square’s CEO and Apple co-founder Steve Wozniak, who thinks that there could be one single global currency in the next decade.
Miller predicts that if Bitcoin is able to attain even just a third of the total market value of Gold, then we are seeing institutions such as banks to finally become seriously interested in the digital currency. Currently, with around $140 billion market cap, Bitcoin still has a long way to go.
