Influential Wall Street mutual fund manager Bill Miller believes that most altcoins are worthless, but thinks that Bitcoin has the potential to disrupt multiple markets, including gold.
In a recent interview with Bloomberg, Miller provided more insights into his current positions within the digital asset market after first revealing he invested 1% of his net worth into bitcoin in 2014 last December.
“At this point, the best way to think about Bitcoin is as a non-correlated asset most similar to gold, except its much more easily transportable than gold, it can actually be used to buy things.”
Miller noted that there are 25 million millionaires in the world and 17 million bitcoin, if every million bought one BTC, the price would rise ““non-linearly.”
However, when asked if his thinking applies to other cryptocurrencies, he described most altcoins as “probably worthless.” The fund manager feels that because BTC is the “most stable of the currencies,” it has the “biggest probability of being successful.”
Miller’s words follow closely behind news that NASDAQ, the world’s second largest exchange, held a closed-door meeting with big payers in the crypto sphere to discuss legitimizing cryptocurrencies.