Bill Miller, in response to questions of whether investors should increase their holdings in Bitcoin, gives a reasoned response, noting in particular its value which is not corellated to the rest of the market, but nonetheless concludes that traders simply don't know its eventual fate.
In a video interview with CNBC, the head of huge asset management firm Legg Mason responded to questions regarding recent market difficulties facing Bitcoin. In Miller's prognosis, the market downturn is less significant than the fact that Bitcoin is not correlated with the stock market, making it a potentially useful tool in getting around broad market downturns. Miller specified that he is not entirely bullish on Bitcoin, but is merely interested in what he calls an 'interesting technological experiment,' noting 'I'm a Bitcoin observer, but I wouldn't call it a believer.'
Miller highlights, furthermore, the fact that Bitcoin's lows are getting higher each year. Last year Bitcoin saw an equivelant crash to this year, but it sustained a low of about $3,200- well below the current $4,000 barrier that BTC is trying to get over. Miller notably told Forbes this year that he made ten-times his investment of 1% of his net worth in Bitcoin back in 2014, and according to CCN his hedge fund put a full 50% of its allocation into Bitcoin.
Miller does include in the video a well reasoned warning- noting that Bitcoin could 'potentially be worth a lot, or potentially worth zero.' Clearly, Miller has a knack for investment, and has had a lot of luck growing his fortune. His cosignment of Bitcoin over the past couple years and the resultant success clearly does not mean that Bitcoin has nowhere to go but up.