Bill Miller Turns Bullish On Bitcoin
Fund managers and institutional investors are once again becoming more positive on their views of Crypto's future. Most recently Bill Miller, hedge fund billionaire, gave his opinion on the subject in an interview with Bloomberg.
During the interview he described Bitcoin as “an interesting technological experiment." Bitcoin, as of the time of writing, trades above the $8,000 mark, a fact that Miller says is significant in the stability and belief in the cryptocurrency. According to him, unlike in the past when the cryptocurrency traded around the $100 mark, there is less panic in the industry today. "Every day that it doesn’t blow up or go to zero or get regulated out of existence, more money flows into the ecosystem,” said Miller.
I would also have to agree with that statement, Bitcoin has been declared dead hundreds of times and every time doubters are proved wrong they lose credibility and are also more like to flip their stance and get in on the market. On top of that the bigger the market cap gets the less likely it is to evaporate overnight, more investors: less wild price action and more stability. Hedge funds and big institutional money could finally give this asset class the credibility and legitimacy that it desperately needs. However with wealthy people like Bill Miller expressing positive outlooks for Bitcoin and Crypto's future that day may not be very far off.
Now if Miller could just drop a few billion into Bitcoin....
Good morning @austin101
I just bumped into your profile only to realize that we seem to share a number of interests :)
In particular that we both share a similar passion towards cryptocurrencies and blockchain technology :)
big fat upvote on the way! :)
I will follow you closely :)
Take care, Piotr
I've checked out your profile as well. Evidently you've gotten this whole Steemit thing down, at least financially. I on the other hand have only recently got back onto this platform. My renewed interest in Steemit comes from the fact that I've invested thousands of dollers into alt coin cryptos, so now that I've got skin in the game I have the motivation to post on a regular basis and no longer feel detachment from whats happening in the market. (Just wish I'd gotten in on Steem as early as you). But regardless you claim we have mutual interests, so which cryptos do you personally think will preform the best in the future?
Thank you for your reply @austin101
i like this expression a lot :)
My interest is to analize market overall. Do you have any fav picks?
Yours, Piotr
Honestly right now I'm just trying to avoid the landmines. Everyone claims that the top market cap coins are the safest but picking out one can be difficult.
-Bitcoin got destroyed when the futures market launched and still is being manipulated by them.
-Etherium has potential... that's mostly wasted by mountains of crap coins and pointless apps built off it's network.
-Charlie Lee pumped and dumped his own creation Litecoin.
-XRP is a centralized coin which defeats the original purpose of cryptos.
But anyway, it's really hard to say whats my 'favorite'. Most coins have their flaws and weaknesses but only one can rule them all. Most will fall by the wayside leaving the investors penniless, a fact that does not help me sleep well at night. But if your asking about my portfolio, it's mostly composed of Litecoin and Etherium (with a few other smaller cryptos throw in the mix). Started accumulating those two a looooooong time ago because when I first started out I though they were the best bet, but now I wish I'd been more diversified instead of mindlessly pumping thousands of dollars into two assets. Whatever, too late now. Right now what I'm the interested in diversifying in would be Z-cash, aka the king of security cryptos. What's your portfolio look like?
Fun fact: I've never owned Bitcoin, not even a slight fraction.
What an amazing answer! I appreciate your time
Exacly!
Im glad to see how responsive you are @austin101
Steemit need more people like you :)
Im moving slowly and steadily most of my little resources into STEEM. Im not much into trading any more (burned myself few times, but I learned enough to understand basics). My goal is to create group of influencers and bloggers and work with ICOs and established cryptos. I think it can be more profitable and less risky than trading.
Have a great weekend ahead, yours
Piotr
Hate to say this but putting all your resources into steem may not be the greatest idea. If anything you should do the opposite and buy into other crpytos. This is because if you have steem on this platform it's most likely powered down. When steem is powered down it takes 1-2 years to get all your money back. So let's say that Bitcoin goes to $40,000 and takes the rest of the market with it, you think prices are getting too high so you want to cash out and wait for prices to go lower to re-enter your position. (This is not day or swing trading, it could take the crypto market over a year to re-inflate into bubble territory). But there's a problem you can't cash out instantly because all you have is steem, so you power down but by the time you get your money back we're in another bear market and Bitcoin has dragged down the rest for he market with it. Liquidity is the name of the game and steem has zero. When the crypto market peaked at the end of 2018 you wouldn't have been able to get out, and that also goes for the future. So unless you're prepared to be on the bad end of every market downturn I'd suggest trading out your steem out for alt coins now, and as soon as you get any in the future. (I haven't bothered to do this because my Steemit account is so tiny, but your account is big enough for you to make the effort). Litecoin and Etherium may have their flaws, but at least I have the comfort in knowing I can liquidate them at any time. Just my two cents, but good luck anyway.
It takes 13 weeks to power down
Not a year plus
Hi @austin101
I appreciate your view. The thing is that Im investing in steem assuming that Im investing in my social media marketing business. It's not so much about profit but about influence that SP is giving me on this platform.
The truth is that if BTC would be worht 40k then I would never power down. I would just double my activity on Steemit knowing that my votes can give some decent reward to curators. So I hope you see that my approach is very different. Im in STEEM ... pretty much until Steemit exist.
Does it make sense?
But of course your point is very clear and I appreciate that you've shared it with me.
ps.
you're very responsive which is absolutely great and steemit community surely will benefit by having you here.
if you would ever like to keep in touch and support each other closer, then drop me a message [email protected].
This will allow us to communicate easier.
No pressure of course,
Good read,
Yours
Piotr
Hey @crypto.piotr
This account( Austin101) has been insulting and leaving herassing comments on fellow steemians posts. I wouldn’t give them your info or interact with them. Just advice do what you wanna👍
do you have a yahoo email account instead?