February 4, 2023

Legendary investor Bill Miller says one catalyst will likely help Bitcoin (BTC) perform well again.

In a new interview with Barrons, Miller says Bitcoin, while volatile, has a place in investment portfolios as a “good speculation.”

“At the 2020 low, Bitcoin was $5,800. Bitcoin is now $17,400. Roughly since then, the market is up 70% and Bitcoin is up 190%. If someone has a time horizon of more than a year, you should do pretty well in Bitcoin. I wouldn’t call that an investment. I would call it speculation, but I would call it healthy speculation.”

The former Legg Mason Capital Management executive says given the turmoil in the crypto markets over the past year, he thinks Bitcoin is still doing quite well. With interest rates rising as the Federal Reserve tries to quell inflation, Miller says a reversal in such policies could be the spark BTC needs to turn around.

“I am surprised that Bitcoin has not reached half of its current price given the FTX implosion. Humans have fled space, so the fact that it’s still hanging there for $17,000 is pretty remarkable. But inflation is under attack and real interest rates are rising rapidly. I would expect that if and when the Federal Reserve kicks in [toward easier monetary policy]Bitcoin would do quite well.

In addition to Bitcoin, Miller also says he is bullish on Coinbase (COIN), which hit an all-time low earlier this week.

“I generally thrive on inactivity. I don’t like to sell anything unless I’m forced to with margin calls. I recently bought more Amazon. I bought Silvergate a week ago and expect to buy more Coinbase.”

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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making risky investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured image: Shutterstock/Jorm S

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