Bitcoin Bubble Bill Miller: Cryptocurrency Is Digital Gold

Bitcoin is digital gold according to Bill Miller (Aleksi Raisa-Unsplash)

JAKARTA - A number of analysts predict that bitcoin will experience a bubble phenomenon that can burst suddenly because it has an instant increase. So that it will affect the trading market.

On the other hand, Bill Miller, a well-known investor expressed a different opinion with analysts. According to him, the skyrocketing price of bitcoin has made the cryptocurrency market go mainstream. Miller also added that the current rally in bitcoin prices is not the same as what happened in 2017.

“Supply (Bitcoin) is growing two percent a year while demand is growing faster. That's all you need to know, and that means the value is getting higher", Miller said as quoted by CNBC International, Wednesday, April 22.

Cited from Coindesk, Bill Miller himself bought bitcoin in 2014-2015. At that time the price per coin was USD 350. Now bitcoin is traded at a price of USD 55 thousand. Since the beginning of the year, bitcoin has provided a return of 90 percent.

He has also explained how Bitcoin experienced a bubble and erupted around 2017. At that time, the price of bitcoin broke its highest price of up to USD 20 thousand per coin, until then the price of bitcoin slumped over the past two years.

“I don't think there is currently a bubble in Bitcoin. I think now is the beginning of Bitcoin to become mainstream", he explained. "Volatility is the price you pay for this performance".

Bill Miller himself said that he has the same beliefs as other cryptocurrency lovers. He argues that Bitcoin is "digital gold".

The skyrocketing price of Bitcoin this year is reportedly a result of the increasing number of large companies investing in Bitcoin, Tesla is one of them.

In addition, two major US banks, Goldman Sachs and Morgan Stanley have opened up to bitcoin. Both offer Bitcoin investments to a number of customers.