The legendary investor recalled that the first cryptocurrency appeared in response to the 2008 crisis. However, according to Miller, the question of whether bitcoin will be a reliable means of saving remains open.
Legendary investor Bill Miller in an interview with Market Insider called bitcoin the best asset to protect against inflation. The major cryptocurrency emerged as a reaction to the 2008 crisis to be free from government control and manipulation, Miller explained. However, the investor doubts whether bitcoin will be a reliable means of savings.
In April, Miller stated that the high volatility of digital assets is a price to pay for their performance. The investor also agrees with the view that bitcoin is digital gold, as the cryptocurrency is more convenient to use than any precious metal. Bitcoin is easy to transfer anywhere in the world with a smartphone, so it is a better way to store savings than gold, the investor noted.
In 2019, Bill Miller's Miller Value Partners fund was one of the best-performing hedge funds in history, posting a return of 119%. The investor started buying bitcoins a few years ago, when they were worth $300 a coin. A significant part of the fund's capital was earned precisely on the rise in the value of the first cryptocurrency.