Renowned American investor Bill Miller briefly analyzed the current crypto market, characterized by massive liquidations that led many of the main cryptocurrencies to fall by 50% in just one week. Furthermore, he talked about his own investments and shared an eye-catching prediction for the future.
“The correlation right now is with risk and risk aversion. So when the market is doing well, Bitcoin goes up, and when the market goes bad, Bitcoin goes down, and I think those correlations can keep bouncing,” Miller slipped in dialogue with CNBC about the price of BTC.
He also pointed out that if BTC traded at half of its current price (which is around USD 30K), he would not be surprised either, although he would not like it at all because it would affect a significant part of his own portfolio.
The investor, who has defended long-term strategies on several occasions, was consulted about his actions in the midst of the collapse of BTC and assured that he did not sell his cryptocurrencies. However, he confessed that he usually gets rid of a small part of other assets to keep his liquidity “on the sidelines”.
Finally, Miller lamented that many people have lost money in the crypto market in recent weeks and months, although he noted that most investors “have been speculating on things that they probably know nothing about.” In addition, he pointed out that all cryptocurrencies except bitcoin “have competition”, so he is not able to take risks for any in particular.
“I think you have to think of them as risk investments. Most of them will not work, and the few that do work will do very well, but I do not know what they are, “he added.