In a FOXbusiness interview on February 28, the founder of hedge fund Miller Value Partners, Bill Miller, talked about the recent crash in cryptocurrencies on a positive tone and told investors why they should not be scared.
During the interview, the multi-millionnaire compared Bitcoin to many other major inventions that changed the world.
“What I observed with bitcoin is that it’s following a very time-honored path of disruptive innovation going all the way back to the printing press, railroad, electricity, radio in the 1920s, biotech, the internet.”
Even if many investors are scared about the cryptocurrency “bubble”, by comparing it to the Nasdaq “bubble” in 2000 and thinking that Bitcoin will drop extremely low this year, M. Miller thinks that this industry needs this “bubble” to know if the technology can be massively adopted .
During the interview, Bill Miller cited Everett M. Rogers’ idea by saying: “Bubbles are necessary to bring capital into the market to see if these innovations are actually going to stand.”
Miller is enthusiastic and optimistic regarding the future of cryptocurrencies. However, other companies such as financial services giant banking Merill Lynch don’t share the same point of view. In January 2018, the financial institution prohibited their employees from investing their client’s money into cryptocurrencies.