Bitcoin (BTC) gets “less risky the higher it goes,” value investor Bill Miller said on CNBC’s “The Exchange” program.
What Happened: Miller confirmed he was as excited about Bitcoin at its all-time high $41,000 levels as he was when the apex cryptocurrency was trading just under $15,000 in early November.
The co-founder and chairman of Miller Value Partners told CNBC’s Kelly Evans Saturday that Bitcoin is the opposite of most stocks since it gets less risky as it goes higher because “Bitcoin is so early in the adoption cycle.”
“Even though [the Office of the Comptroller of the Currency] will allow all the big banks and investment banks to custody or to buy and sell bitcoin, you can’t do that with any of them,” said Miller.
»
Bitcoin gets less risky the higher it goes : Legendary investor Bill Miller breaks down why the cryptocurrency could surge 100% in 2021
Bitcoin gets less risky the higher it goes : Legendary investor Bill Miller breaks down why the cryptocurrency could surge 100% in 2021
Emily GraffeoJan 10, 2021, 20:22 IST
Heidi Gutman/CNBC/NBCU Photo Bank/NBCUniversal/Getty Images
Legendary investor
Bill Millertold CNBC on Friday he sees bitcoin surging 100% in 2021 as more investors add the coin to their portfolios as a hedge against inflation. One of the things that s interesting about Bitcoin is that it gets less risky the higher it goes, and that s the opposite of what happens with most stocks, the Miller Value Partners founder said.
The case for and against investing in Bitcoin
Some advocates endorse investing in bitcoin saying it will eventually stabilize and then be used more for legitimate commerce
(REUTERS)Premium
Dan Weil
Share Via
Read Full Story
With bitcoin trading at more than $40,000 apiece last week and quintupling in value over the past year the question arises for investors: Get in or stay out?
There are plenty of reasons for caution. The virtual currency’s value has soared and plunged repeatedly since its introduction in 2009. It fell 52% just from Feb. 13 to March 11 last year.
TRENDING STORIESSee All
2 min read
2 min read