- Bill Miller, chairman and chief investment officer of Miller Value Partners thinks Bitcoin could hit $300,000.
- BTC/USD is currently trading at $9,200.
Bitcoin has been trading sideways for the past two months and a half between $9,000 and $10,000. Buyers attempted to crack $10,000 several times but got rejected heavily even though the sentiment was quite positive after a significant recovery from the crash on March 12.
Bill Miller has been buying Bitcoin since it was worth $300
According to Bill Miller, Bitcoin can rise to $300,000 eventually. Miller says he has been buying Bitcoin since 2013 when it was worth only $200 and $300. After the collapse of Mt.Gox, Miller kept buying Bitcoin and supposedly has a lot of coins at an average price of $300.
Miller believes that if Bitcoin can become a currency or a real payment system used for everyday transactions, it could easily get a massive boost in value. Additionally, the decentralized nature of Bitcoin and other features would also play important roles in its price development.
When it comes to risk/reward ratio, Miller states that Bitcoin still offers a great ratio and that everyone should allocate 1-2% of their portfolio to Bitcoin.