As the cryptocurrency market begins to return to the green zone led by Bitcoin (BTC), the flagship digital asset is not lacking in vocal supporters, including former Amazon investor Bill Miller III.
The famous investor describes and praises Bitcoin differently. Why is that?
In particular, Miller believes Bitcoin is “dramatically different” from assets like FTX and Celsius Network, whose failure has driven many potential investors out of the crypto space, as he explained in an interview with CNBC’s ‘Closing Bell’ program in January.
According to the legendary investor:
“I think it’s very important to understand the collapse of FTX, a centralized entity like Celsius, and that Bitcoin is significantly different from that.”
Also, Miller pointed out the problems in traditional markets while Bitcoin was doing well on its own, as they struggled for liquidity during the pandemic and the Federal Reserve had to step up and throw a lifeline at them:
“The Fed had to come and clean up these markets by injecting massive amounts of liquidity, Bitcoin is trading 24/7/365. There has been no hiccup in the Bitcoin market.”
What about volatility?
Comparing Bitcoin with traditional markets, the famous investor touched on the long-criticized volatility of the first crypto asset, saying that “the market rose 70% and Bitcoin 190%. It has been less volatile than the market for the past month.”
Miller, a prominent Bitcoin bull, has previously expressed surprise at the “extraordinary” performance of the largest digital asset by market cap, despite recent troubling events such as the FTX boom and the arrest of founder Sam Bankman-Fried. Rocking the crypto industry, as Finbold reports.
Miller, a respected investment expert with a portfolio that consistently beat the S&P 500 Index from 1991 to 2005, also recently disclosed stakes in crypto investment firm Silvergate Capital (which has recently sunk 40%) and crypto trading platform Coinbase. .
Bitcoin price analysis
Meanwhile, Bitcoin was trading at $17,273.91 at press time, up 0.01% on the day and up 3.16% weekly to 0.67% on its monthly chart.
Bitcoin 7 day price chart. Source: Finbold
At the same time, according to data from crypto tracking platform CoinMarketCap on January 10, Bitcoin’s market cap stood at $332.66 billion with 24-hour trading volume of $15.82 billion (915.557 BTC).
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