Bill Miller, U.S. investor, and Miller Value Partners founder and chief investment officer believes bitcoin is the best cryptocurrency to invest in, saying that the escalating digital coin is similar to gold.
In an interview with Bloomberg, Miller said he invests in bitcoin at both a personal level and part of a partnership portfolio. The billionaire investor referred to cryptocurrency as an “interesting technological experiment,” but admitted it is only bitcoin he is interested in.
“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,” Miller told Bloomberg.
The former chairman and chief investment officer of Legg Mason Capital Management and principal portfolio manager of the Legg Mason Capital Management Value Trust founded Miller Value Partners in 1999. The company controls what is known as the MVP1 fund, a hedge fund, which at the end of October 2017, had approximately $155 million in assets under management.
In December 2017, Miller told CNBC that bitcoin accounted for around half of the MVP1 fund assets.
The currency of the internet
Miller’s comments follow similar observations that bitcoin is the best cryptocurrency to invest in made by leading Wall Street trader Bart Smith. The lead of Digital Asset at the trading corporation, Susquehanna International Group, hailed bitcoin as “the currency of the internet.”
“If you want to own the asset that you can actually use today and that people are functionally using, it’s bitcoin. The use case for bitcoin is valid today, which is the currency of the internet,” Smith told CNBC.
Bitcoin making big waves in America
The likes of Bill Miller and Bart Smith are not alone in their escalating enthusiasm towards bitcoin. A recent poll from Wells Fargo and Gallup shows that many established and successful investors are developing an interest in cryptocurrency, especially bitcoin. The poll suggests that one-quarter of U.S. investors are interested in cryptocurrency and that the industry is making big waves in America.
Gabrielle Pickard-Whitehead is a freelance journalist and copywriter based in the Peak District, UK. Since 2006, Gabrielle has followed her passion for writing and has sculptured a rewarding career out of her love for the written word. Gabrielle thrives on creating compelling content related to current affairs, politics, financial news and the latest advancements in technology and innovation. Gabrielle is excited about having the chance to write about the constantly-evolving world of crytocurrency and enabling people to learn more about this rapidly-advancing digital asset.