According to Miller, with most investors staying on the sidelines from the crypto market as the contagion of the FTX collapse takes shape, he expected Bitcoin to correct further as opposed to the current price consolidation, he said in an interview with Barron’s published on December 22. Additionally, he projected Bitcoin would likely perform better in the future once the Federal Reserve slows down on its monetary policy.
Miller’s take on allocating 1% to Bitcoin
It is worth noting that Miller is a Bitcoin holder who believes in the asset’s long-term prospects. In this line, the fund manager added that Bitcoin should be treated as a digital store of value similar to gold. He noted Bitcoin should also be differentiated from the related crypto businesses stressing that the flagship digital asset has recorded significant growth despite the 2022 sell-off. In this line, Miller recommended allocating at least 1% of an investor’s net worth to Bitcoin.
Miller’s investment portfolio
Meanwhile, Bitcoin has been hampered by the effects of the FTX cryptocurrency exchange bankruptcy pushing the asset to correct below $17,000. By press time, Bitcoin was trading at $16,838, dropping by almost 0.3% in the last 24 hours. Featured image via WealthTrack YouTube. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
