Bitcoin continues to fall. Last week, the price of the cryptocurrency fell below the $30,000 threshold, a first since last year. Panic over the collapse of UST, the algorithmic stablecoin issued on the Terra blockchain, sealed the entire cryptocurrency market. Despite the Luna recovery plan agreed by Terra, most altcoins continue to bleed.
In this bearish context, analysts believe that the Bitcoin price should drop below $20,000 in the near future. Many voices are also rising to criticize the queen of cryptocurrencies. Christine Lagarde, President of the European Central Bank, thereby making sure that cryptocurrencies do not have the slightest value. The same goes for Bill Gates, the founder of Microsoft.
Bitcoin is insurance for Bill Miller
Despite the decline, many investors continue believe in the future of cryptocurrencies. This is especially true for Bill Miller, a famous investor and fund manager. Adam built his fortune by founding the investment firm Miller Value Partners.
According to him, Bitcoin is a bulwark against financial collapses. “When the United States withdrew from Afghanistan, Western Union stopped sending remittances there or receiving them from Afghanistan, but if you have bitcoin it’s fine. Your Bitcoin is there. If you have a phone, you can send it to anyone in the world”explains Bill Miller.
Cryptocurrency is also widely used in countries that impose banking restrictions on their citizens. During the Russian occupation, Ukrainians also massively turned to cryptocurrencies following the measures of the Ukrainian central bank. The organization decided bank withdrawal limit nationwide to prevent capital flight.
“As far as I can see it’s an insurance policy”Reassures the billionaire who remembers that Bitcoin works without the intervention of central banks or governments. The investor took the opportunity to make fun of Mike Novogratz, a trader who had the logo of the recently crashed cryptocurrency Luna tattooed on his arm: “Maybe if you had a bitcoin on your arm, it would be a little more durable than that”.
Robert Kiyosaki, author of Rich Dad, Poor Dadagrees in the same direction. Believing that the economy and the US dollar will collapse, he suggests turning to safe havens like Bitcoin. “Buy Gold, Silver, Bitcoin”encourages the author.
Billionaire invested half of his fortune
Bill Miller puts words into action. invested half of his money on Bitcoin. “This time, I started buying againprivate When it drops from $66,000 to $30,000. The idea was this: there are a lot more people using it, a lot of money is coming from the world of venture capital.” highlights the fund manager. He adds: “bitcoin It can provide insurance against financial disaster that no one else can. [actif] cannot provide. And its value may increase ten or fifty times”.
He is not the only billionaire who believes in the future of Bitcoin. Ricardo Salinas Pliego, the second richest man in Mexico, “It is an asset that should be part of any investor’s portfolio. It is a valuable asset,” he said. The richest man in the world, Elon Musk, also invested in Bitcoin. This also applies to Apple CEO Tim Cook and MicroStrategy CEO Michael Saylor.
