Bill Miller: Bitcoin differs fundamentally from centralized crypto firms

It is important to distinguish Bitcoin from centralized firms such as FTX and Celsius Network, whose collapses deterred many potential investors from the crypto market, says Bill Miller, founder of Miller Value Partners.

In an interview with CNBC, the billionaire investor noted:

«the collapse of FTX was the collapse of a centralized enterprise, as well as Celsius. And I think it is crucial to understand that Bitcoin differs substantially from them».

Miller also drew attention to problems in traditional markets during the pandemic, when they faced liquidity problems. In his view, Bitcoin demonstrated its advantages here:

«The U.S. Federal Reserve had to step in and restore order, simply by injecting a vast amount of liquidity. Bitcoin trades around the clock. Its market did not experience outages.»

The billionaire also noted that after the market crash in March 2020, stock indices rose by 70%, while Bitcoin rose by 190%.

«Over the past month or so, Bitcoin has been less volatile than the stock market», Miller added.

He confirmed that his fund holds shares in Coinbase, the largest U.S. cryptocurrency exchange, and the crypto investment firm Silvergate Capital.

In January 2022, Miller disclosed that invested a portion of his fortune in Bitcoin and altcoins. As prices rose, these investments accounted for up to half of his personal savings.

Back in February, the billionaire called digital gold insurance against inflation and financial catastrophes.

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