Bitcoin (BTC) broke the consolidation it started after reaching $ 58,000 in February, rising to $ 65,000 last week. Cryptocurrency dropped to $ 52,000 with a $ 7,000 sudden drop over the weekend, causing concern in the community about whether the bull market is in danger.
However, this decline did not affect everyone. Bill Miller, founder and CIO of investment firm Miller Value Partners, During his interview with CNBC on April 20 He made extremely positive statements about Bitcoin.
Speaking to Kelly Evans of CNBC show The Exchange, Miller said, “Do you think Bitcoin will rise further? He answered the question with a very simple logic:
“The BTC supply is growing by 2 percent a year, the demand is much faster. All you need to know is that this means Bitcoin will rise further.”
Saying that there will be days when Bitcoin will fluctuate, like the 20 percent drop on Sunday, Miller thinks this is a natural market movement.
Miller pointed out that there were five separate drops of 20 percent in 2017, when BTC thought it was just a bubble (which he says is no longer the case thanks to its mainstreaming). The CIO suggested that the fluctuation is the price paid in the Bitcoin market.
Touching on the statement that BTC is digital gold, Miller explained that he agreed with this statement. Miller said gold is an asset category with a market value of $ 10 trillion, while the market value of BTC is only $ 1 trillion.
Miller believes that Bitcoin is a much better version of gold, thanks to its divisibility, easy portability, and ability to be spent anywhere in the world on a smartphone, so the price of cryptocurrency has the potential to rise much more.
Miller is not the only person who can infer with the market value of BTC. According to Cointelegraph’s report dated April 21, famous statistician Willy Woo also thinks that BTC has proven to be an asset of $ 1 trillion, so it will not go below $ 53,000.
Bitcoin is trading at $ 54,400 as of the time of the news release.