As Miller stated in his CNBC interview, he likes BTC due to the absence of its correlation with the stock market. He claims that it bears the potential of being worth a lot, or absolutely nothing.
Millers states that he is merely a BTC observer, and is not biased in this respect. However, his history with the dominant digital currency is rather peculiar. In December 2017, Miller made the news by contributing 1 billion USD worth of his company’s assets in Bitcoin at the peak of the cryptomarket.
Miller has also contributed 1 percent of his own net worth (which remains in secrecy) in BTC. Evidently, he has scaled back his company’s investment to Bitcoin following the extended bearish market.
Nevertheless, he says that the pioneer digital currency is an interesting technological experiment, which is not to be dismissed by the financiers.
Bill Miller stated that there is something he definitely admires in the world’s dominant digital asset, which is its uncorrelated performance in relation to the wider stock market, therefore making it a good financing opportunity during the downtrends of the latter.
Miller points out that BTC does not have any statistical correlation with stocks or bonds, making it a perfect diversifier.