‘Bitcoin Specialist’ terms all other cryptocurrencies worthless

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by | 31st July 2018 | 0 comments

Bill Miller, famously known as the self-proclaimed ‘Bitcoin Specialist’ went on to reveal that he is a big time bitcoin investor both as an individual and as a partnership portfolio. In a recent interview with Bloomberg, Miller went on to say that he is well aware of the nascent nature of the market, while also admitting that no one knows what the future holds for the digital asset. However, he also made a bold claim by saying that Bitcoin is the most stable cryptocurrency.

In his interview with Bloomberg, Miller said:

“I feel that Bitcoin is an interesting technological experiment. Each day that it does not boom or get regulated to zero, the next thing that is going to happen is more money will start flowing into the ecosystem.”

A majority of the market experts have continuously said that the introduction of institutional money marks the next significant step in the evolution of the cryptocurrency market. But this has a drawback too as it is contingent on the emergence of robust custody tools and clear-cut regulations in the market.

Miller was the asked If he has the same opinions for other cryptocurrencies to which he answered:

Basically all of them, other than Bitcoin are worthless. I feel that Bitcoin is the most stable of all cryptocurrencies. In my opinion, it has the highest probability of being successful. Many experts do prefer other cryptocurrencies as well, but I am only interested in Bitcoin.

When asked about the appropriate classification for Bitcoin, Miller went on to say that he sees it as a non-correlated asset that has similar characteristics to gold. However, he then went on to claim that BTC holds some unique advantages over the precious metal, highlighting the major one as the ease of transfer and ability to function as a medium of exchange.

However, regardless of these advantages, Miller did mention that he still does not feel comfortable terming the bitcoin as an efficient mode of payment or viable currency. Offering extra support for the bitcoin, Square CEO, Jack Dorsey, and Apple co-founder, Steve Wozniak believes that it can be the single global currency by the next ten years.

Miller has also made a prediction in which he claims that if Bitcoin is able to attain a third of the total market value of gold, then it will start attracting more attention from major institutions like banks. Currently, BTC market capitalization stands at $140 billion which is 47 percent of the total cryptocurrency market.

 

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