Bitcoin critics now believe that crypto will never offer anything useful, labeling the digital currency an outright bubble. Nevertheless, Bitcoiners and enthusiasts of crypto are entirely undeterred by the objections of people in the outside world or even the enormous atrocity that pushed the bitcoin price of downwards to $6,000.
Bitcoin and other digital currencies have lost no less than 50 percent from the start of 2018, thus fuelling the critics even further. While the predictors of doom for crypto were thought that this was the beginning of the end for blockchain money, Bill Miller, the fund manager, and Bitcoin heavyweight had a completely different thought.
Miller said that the recent crash in price was a good thing for the whole crypto economy. He explained that the collision helped in attracting more funds into the industry since it was time for seasoned investors to buy the dip.
Talking about the game of investment, Miller is not a small player. In 2016, he established the Miller Value Partners (MVP), a fund said to have about 50 percent of its investments in bitcoin. The Wall Street Journal reported in October 2017 that when the bitcoin price was below $6,000, MVP1 had made more than $150 million already.
During his time at Legg Mason, an American asset management company, the entrepreneur had his breakthrough work as a stock picking fund manager orchestrating a 15-year streak, beating the S&P 500.
While the pundits are foreseeing the value of virtual currencies to drop to zero, Miller, on the other hand, sees the market somewhat differently and has pronounced that the significant corrections are indeed a good sign for the crypto ecosystem.
Not only investors are looking forward to scoring big on the growing asset class, but also bitcoin as well as other major cryptocurrencies are also offering their worth in the middle of such economic uncertainty. The increasing fame in countries such as Nigeria, Venezuela, and Greece all pointing towards an emerging political tool.
Although loyalty to bitcoin and other cryptocurrencies remain steadfast, the Greeks are not sure about what the future has in store for the blockchain-based digital money based on the regulation as well as government interference.