There is no shortage of outspoken supporters for the flagship digital asset, Bitcoin (BTC), as the crypto currency market begins to climb back into the green zone with Bitcoin (BTC) paving the way. Among these vociferous fans is the early Amazon investor Bill Miller III.
Per his explanation in an interview (1) on CNBC's 'Closing Bell' on January 6, Miller thinks that Bitcoin is "dramatically different" from other players, such as the FTX and Celsius Network. He goes on to say that the failure of these has discouraged many potential investors from entering the crypto currency market. In particular, Miller believes Bitcoin is "very different" from these other entities.
According to the illustrious businessperson and investor:
"The FTX collapse, that was a centralized enterprise, as was Celsius, and I think that it’s very important to understand that Bitcoin is dramatically different from that.”
In addition, Miller has drawn attention to the difficulties experienced by traditional markets during the pandemic. During this time, traditional markets struggled for liquid assets, and the Fed Reserve had to step in and throw them a lifeline. On the other hand, Bitcoin managed perfectly well on its own:
"The Federal Reserve had to step in and clean up those markets by simply pumping large quantities of liquidity, while Bitcoin trades around the clock, every day of the year. There was not the slightest bit of volatility in the Bitcoin market."
His Views on Volatility
In a further comparison of Bitcoin to traditional markets, the well-known investor brought up the long-derided volatility of the first crypto currency asset by highlighting that "the market is up 70% and Bitcoin is up 190%." (…) Throughout the last few weeks or so, its volatility has been lower than that of the market.
Miller, a well-known Bitcoin bull, has repeatedly expressed his wonder at the "remarkable" achievement of the biggest online financial instrument by market cap despite the recent problematic occurrences that have shaken the crypto currency sector, such as the implosion of FTX and the detain of its founder Sam Bankman-Fried. Miller is a known proponent of Bitcoin.
Miller is a well-respected investment expert with a portfolio that outperformed the S&P 500 Index yearly from 1991 to 2005. Recently, Miller disclosed that he holds shares in crypto investment company Silvergate Capital and crypto brokerage firm Coinbase. Silvergate Capital recently experienced a 40% drop in value.
Analysis of the Bitcoin Price
At the time of this article's publication, the price of Bitcoin was trading at $17,307 an increase of 0.01% on the day. Bitcoin also recorded a climb of 1% over the week, contributing to the 4.68% increase on its monthly chart.
During the same period, the market capitalization of Bitcoin was estimated to be $333.34 billion, and its 24-hour trading volume was $15.98 billion, according to information (3) from the crypto currency tracking portal CoinMarketCap on January 10.