Billionaire investor Bill Miller remained bullish on two investments Bitcoin and Amazon (NASDAQ:AMZN) while he called cryptocurrencies ‘misunderstood’ at the Forbes/SHOOK Top Advisor Summit. At the summit, Marvin McIntyre, the managing director of Morgan Stanley (NYSE:MS) Private Wealth Management, and Miller talked on the stock market, the Federal Reserve, and cryptocurrencies.
He also mentioned several other businesses that he thinks would profit from a future market rebound.
Miller thus called Bitcoin “an insurance policy against financial disaster, with “limited fallout” during volatile market periods as Bitcoin is not connected to the rest of the financial system.
Citing the recent dip and recovery of Bitcoin after the announcement of CPI figures, Miller said that if the Federal Reserve keeps on tightening, Bitcoin will probably continue to outperform in this manner.
Furthermore, the legendary value investor admitted that successful companies over the last decade are now getting hurt by the aggressive Federal Reserve. Pointing at the silver lining, he said that it’s a perfect opportunity to buy more company shares for cheap.
Miller suggested:
Apart from his two favorite picks- Bitcoin and Amazon, Miller called Silvergate Capital (NYSE:SI) an attractive investment which is a bank controlled by the Fed and also includes a cryptocurrency exchange.
Miller has always backed Bitcoin’s power as a global reserve asset. He had echoed the same confidence back in May, when the entire crypto market came crashing after Terra’s collapse. He also admitted that he had to sell a bit of his Bitcoin at the time so as to meet margin calls.
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Source: Cryptocurrency - investing.com
