Famed investor and fund manager Bill Miller has reiterated that he remains bullish on bitcoin despite the bear market, saying it is a misunderstood asset that can pay off big for his investors.
Bill Miller’s remarks came at the Forbes/SHOOK Top Advisor Summit held this week in Las Vegas, where the renowned investor shared his views on the current state of the economy, the good opportunities in the stock market and the role of bitcoin in the face of a potential financial disaster scenario.
Bitcoin is a “misunderstood” asset.
Regarding bitcoin, Bill Miller took the opportunity to reiterate his support for the leading crypto-currency, which he literally described as “an insurance policy against financial disaster“, using current economic conditions in the United States and other countries as a reference.
In this regard, the investor indicated that the leading crypto-currency has bullish prospects for the future, which is why he referred to it as “misunderstood” due to the observed drop in its price over the past year. On why he remains optimistic about bitcoin, he reiterated that it will be the investment asset with the best returns because it is not connected to the rest of the financial system and because the consequences are limited when prices tend to waver.
The contrast presented by Miller weighs bitcoin against the equity sector, both of which have reacted similarly in recent months to the actions announced by the US Federal Reserve (Fed).
Ambition in uncertain times
It’s true that Bill Miller remains particularly optimistic in the face of adversity in the financial landscape. That’s why he said this is a key time to be especially ambitious, as the scenario is full of opportunities for those who don’t let fear get in the way.
In this regard, the investor explained that “stocks that performed in the last bull market for a decade or so until last November…are now being crushed. Rising rates have caused a compression of growth…“So he recommended buying those trading at a low price and discount with an eye toward the future.
That’s why Bill Miller cited advice from Warren Buffett, John Templeton, and Leo Tolstoy to guide those interested:
“Be greedy when others are fearful / The moment of maximum pessimism is the best time to buy / The two most powerful warriors are patience and time.”