In an interview with Barron’s on Thursday, renowned investor Bill Miller expressed surprise at the resilience of bitcoin in the recent collapse of FTX, once the world’s third-largest cryptocurrency exchange. The exchange filed for bankruptcy in early November, causing a significant drop in the value of many cryptocurrencies.
Miller, who is the chairman and CIO of Miller Value Partners, has been a long-time believer in the potential of bitcoin and other cryptocurrencies. He famously made a bet in 2014 that bitcoin would outperform the S&P 500, which it eventually did.
Despite the recent turmoil in the cryptocurrency market, Miller remains bullish on bitcoin and other digital assets. He pointed to the increasing institutional adoption of cryptocurrencies and the growing interest in decentralized finance as key drivers of future growth.
“I was surprised that bitcoin didn’t lose more value in the FTX bankruptcy,” Miller told Barron’s. “But I think that’s a testament to the growing strength and resilience of the cryptocurrency market. It’s clear that institutional investors are becoming more and more comfortable with digital assets, and I think that trend is only going to continue.”
Miller also noted that the recent crash in the traditional stock market has caused many investors to seek out alternative assets, including cryptocurrencies. He believes that bitcoin and other digital assets could benefit from the current economic uncertainty, as investors look for ways to diversify their portfolios.
“The stock market has had a rough year, and I think that’s going to continue for the foreseeable future,” he said. “People are looking for alternative investments, and I think cryptocurrencies are going to be a big part of that.”
Overall, Miller remains optimistic about the future of the cryptocurrency market and believes that bitcoin and other digital assets have the potential to become mainstream investments in the coming years.
“I think we’re just scratching the surface of what’s possible with cryptocurrencies,” he said. “We’re going to see more and more institutional adoption, and I think that’s going to drive the market to new heights. It’s an exciting time to be in the crypto space.”