Bill Miller calls the current Bitcoin decline a trifling matter

The renowned American investor Bill Miller, in an interview with CNBC saw no reason for concern about the current decline in Bitcoin’s price.

“If I liked something at high prices, then at lower prices I would like it even more. I don’t think it’s worth commenting on normal price fluctuations of assets”, — he said.

Miller called the current 50% decline from Bitcoin’s all-time high a trifling matter. He noted that the March 2020 drop more closely fit the term ‘historic’.

ARK Investment Management founder Cathie Wood, who joined the conversation, said Bitcoin has the capacity to rise to $500,000.

“We are going through a phase of risk-off across all assets. The correlation, including that of Bitcoin, is moving toward one. In such times we reassess valuations, but our conviction in digital gold remains high,” she said.

Analysts at JP Morgan forecasted the selling of Bitcoin and a move into gold by institutional investors amid the current correction. In the long run, they see the price of the first cryptocurrency reaching $146 000.

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