Seeking Alpha
2020-06-25 16:56:13

Bill Miller is still a bull on bitcoin

Bill Miller, the former Legg Mason star, is optimistic about bitcoin's future, he said on a webcast sponsored by Digital Galaxy.Miller, who now runs Miller Value Partners, hasn't sold any of his bitcoin; he first got into the digital currency when it was at ~$200 and after the Mt. Gox collapse, he snapped up more, buying it at levels up to $500 with his average cost for is bitcoin investment at ~$300.Bitcoin is recently trading ~$9,280. That's not to say it's without volatility; early this month it fell to ~$600M from over $10K for no apparent reason.Mike Novogratz, founder and CEO of Galaxy Digital, sees a number of factors in bitcoin's favor, such as hedge funds and institutional investors getting into the digital asset. He also points to the macroeconomic story of the Fed buying Treasurys and other securities.Furthermore, increased access and ease of buying bitcoin should also bode well, he

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