Early Amazon Investor & Wall Street Legend Says, “Bitcoin is dramatically different”

Bitcoin has begun 2023 on a positive note. It has risen roughly 4.5% (as of this writing) since the ball dropped on January 1st, and bitcoin’s price surpassed $17,000 for the first time since mid-December.

While we’re clearly still in the midst of crypto winter, and a slew of scandals have rocked the crypto world over the past few months, Wall Street legend, and early Amazon investor, Bill Miller III and his heir apparent, Bill Miller IV, have offered some of their own insights on Bitcoin.


Bitcoin price appreciation since January 1, courtesy of CoinDesk


During a January 6 interview on CNBC’s “Closing Bell,” the Millers were asked by the host, “any new opportunities for you in broader technology, as that has been the eye of the storm, and as you guys look for good value?”

Miller IV said, “I’d love to mention both of our favorite thing here, which is Bitcoin… What you’ve just seen with the FTX debacle, you’ve seen all the leveraged hands and weak speculators that are operating on margin, they’ve all been flushed out at this point.

“And I think towards the end of the year, the market’s going to start looking at 2024, when the Bitcoin miner rewards are halved… That {Bitcoin} is a technology that we own heavily, personally… and we’re still very optimistic about it over the coming decades. So yeah, that’s one in technology that we like a lot.”

The host continued, “Your confidence has not at all been shaken by, clearly, by FTX, the fraud, the fact that Bitcoin was so inflated by fraud, speculation, monetary stimulus, all were bubblicious type of things … “

Miller IV said, “You can frame it as speculation or you can frame it as volatility in a new asset class, and I think it’s the latter… but it’s a phenomenal store of value. The network has never been stronger and more secure than it is today… we’re still very optimistic about it as a technology and where it could go.”

Miller III then added, “I want to emphasize something Bill IV said, which is that there’s no fraud in Bitcoin… 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.”

You can hear the full CNBC interview of the Millers, and their take on Bitcoin,  HERE

Source: https://closing-bell.simplecast.com/episodes/stocks-soar-inflation-easing-legendary-value-investor-bill-millers-top-picks-1-6-23