Bitcoin Is Comparable To His Big Bet, Says Billionaire Investor Who Spotted Amazon Early

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Bill Miller stated that he purchased Amazon stock for $17 over 20 years ago, a well-known Australian investor. He also purchased bitcoin for $500 on average. He also stated that the majority of altcoins would not last long. 

Miller, who has been investing for nearly 40 years, was interviewed for the Miller Value Partners website’s “A gathering of great minds.” He discussed Bitcoin, cryptocurrency, and Coinbase in his discussion with author William Green.

The billionaire investor compared Bitcoin to his famous Amazon investment from more than two decades ago. However, he claimed that the cryptocurrency was now less hazardous than when he purchased it. 

“Bitcoin is a lot less risky at $US43,000 ($AU58,848) than it was at $US300 ($AU411). It’s now established, huge amounts of venture-capital money have gone into it, and all the big banks are getting involved.” 

The billionaire was more cautious when it came to cryptocurrency. He advised that if investors didn’t fully comprehend it, they should only put 1% of their portfolios into it. Moreover, he predicted that only a handful of the hundreds of cryptocurrencies “floating around out there” will survive, including Ethereum and a few others.

The billionaire was more cautious when it came to cryptocurrency. He advised that if investors didn’t fully comprehend it, they should only put 1% of their portfolios into it. Moreover, he predicted that only a handful of the hundreds of cryptocurrencies “floating around out there” will survive, including Ethereum and a few others. 

Miller is very positive about Coinbase’s prospects, comparing it to Tesla, which would not be growing very quickly in a mature sector. However, in the fast-growing and evolving crypto sector, he believes Coinbase could quickly reach a market cap of $500 billion to $1 trillion.

“I think of bitcoin as digital gold. The key is the demand for this particular type of protection against financial catastrophe.” 

Miller is very positive about Coinbase’s prospects, comparing it to Tesla, which would not be growing very quickly in a mature sector. However, in the fast-growing and evolving crypto sector, he believes Coinbase could quickly reach a market cap of $500 billion to $1 trillion. 

Investors shouldn’t be scared out of the market if Coinbase, or any other stock, doesn’t expand for a few months, or even a year or two, according to him. He went on to say that if they are afraid, they shouldn’t possess it.

If investors regard bitcoin as a safe-haven asset, Miller believes it has a fair chance of increasing tenfold. For the rich investor, though, this would only be the start of crypto’s potential.

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