The legendary investor commented on the controversial statements about the cryptocurrency by Jamie Dimon, head of JPMorgan
Legendary investor Bill Miller during the Forbes / SHOOK Top Advisor summit compared bitcoin to a Ferrari and gold to a horse. Miller commented on JPMorgan CEO Jamie Dimon’s controversial statements about cryptocurrency, as well as restrictive measures against digital assets in China and regulatory uncertainty in the U.S. crypto industry.
In a recent interview with Axios, the head of JPMorgan criticized bitcoin and said that the first cryptocurrency has no intrinsic value. At the same time in late September in a conversation with the Times of India Dimon admitted that bitcoin has the potential to grow tenfold. And in May of this year, Dimon urged investors to stay away from cryptocurrencies.
In July, Miller called bitcoin the best asset to protect against inflation. The investor also agrees with the opinion that bitcoin is digital gold, as cryptocurrency is more convenient to use than any precious metal.
In 2019, Bill Miller’s Miller Value Partners fund was one of the best-performing hedge funds in history, posting a 119% return. The investor started buying bitcoins years ago, when they were worth $300 a coin. A significant part of the fund’s capital was earned precisely on the growth in the value of the first cryptocurrency.