Bill Miller sold some of his bitcoins

The entrepreneur believes that the price of the first cryptocurrency could drop by half again

13.05.2022 - 10:30

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2 min

What’s new? Miller Value Partners Chairman Bill Miller told CNBC in an interview that he sold some of his bitcoins. According to the investor, he did so to “meet margin calls.” Miller noted that the price of bitcoin could continue to decline and fall by half again. As of May 13, at 13:20 Moscow time, BTC is trading at $30 315 (according to Binance).

CNBC’s material

What else did Miller add? When asked about the long-term prospects of bitcoin, the investor said that he expects the cryptocurrency market to grow in the future. Earlier, Miller called the first cryptocurrency digital gold. He also advised investors who are not well versed in digital assets not to invest more than 1% of funds in this area.

The investor recalled that he has experienced “at least three declines of over 80%.” Miller started buying the cryptocurrency back when it was worth $200. In January 2022, the entrepreneur stated that he had invested half of his savings in digital assets.

Who is Bill Miller? An American investor and entrepreneur, he was previously Chairman and Chief Investment Officer of Legg Mason Capital Management. In 2019, Miller’s company Miller Value Partners became one of the most profitable in the history of hedge funds.

What happened before? Trader and analyst Peter Brandt sees $27 000 as a local bottom for the bitcoin price, from which a rebound could occur. A surge in trading volumes can be seen on the BTC chart, which indicates capitulation. This process could mean the cessation of further price declines, according to Brandt.

On May 10, analytics firm Santiment reported that about 40 620 BTC ($1,27 billion as of May 11) had been sent to crypto exchanges. This was the largest inflow of funds to the platforms since December 2019.

To find out how to start trading on a crypto exchange see GetBlock Magazine’s article.

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