Once again, prominent investor Bill Miller is speaking out as to why he remains bullish on bitcoin.
In an interview with cnbc this morning, Legg Mason’s Bill Miller explains exactly why he feels that Warren Buffet is wrong about bitcoin, and that despite his 20% loss in the digital currency, he believes that bitcoin’s potential far surpass its risks. In a prior interview on “Squawk Box”, Miller, who was once ranked among the top 30 most influential people in investing, the “Power 30″ by SmartMoney, explained why he is sticking with bitcoin.
“You can’t go buy anything with gold today in the United States,” Miller said on “Squawk Box.” “If it becomes only 10 percent as popular as gold, then it’s an $800 billion market value. You can lose 100 percent of your money, or you can make 120 times your money. I think the risk reward is OK.”
In today’s interview with cnbc, he said that Warren Buffet’s understanding of the digital currency is both logically and fundamentally flawed. Miller said that Buffet’s comparison likening bitcoin to checks or money orders doesn’t hold water due to the hard limit of a maximum 21 million bitcoins.
“If there were 21 million checks in the world and that was all there were, and all transactions went through checks, [they] would be very very valuable,” he said.
Miller views bitcoin as a “really interesting intellectual and technological experiment.” He says that “[bitcoin] is as big as an addressable market as there has ever been in the history of the world.”
Miller also addressed concerns in respect to the current situation in China relating to the purported “ban” on financial institutions dealing with bitcoin-related transactions, saying that “anything that undermines the ability of a sovereign to control its finances is something that is going to be controversial.”
Click Here to Watch the Full Interview: cnbc.com