A billionaire who always buys bitcoins, sells bitcoins!

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A well-known American investor Bill Miller, known for buying bitcoins (BTC) for a long time, said that he sold them during the last market collapse. In a recent interview with CNBC, Miller said he wouldn’t be surprised if the price of bitcoin dropped by half compared to the current level. However, in the long term, it continues to grow. Here are the details… You can see the price of Bitcoin (BTC) and detailed market data here.

A long-time Bitcoin investor has sold a certain amount

As we reported on Kriptokoin.com Bitcoin (BTC) and the cryptocurrency market as a whole have declined significantly this week. This has forced some long-term BTC investors to sell their funds. Well-known investor Bill Miller, who turned out to be one of them, explained in an interview that although he continued to grow in BTC in the long run, he made a certain amount of sales in light of recent price movements. According to his interview, an experienced stock investor says that he sold part of his BTC on margin call.

Miller, who served as chairman of Legg Mason Capital Management in January, said that half of his net worth is accounted for by the world’s largest cryptocurrency. The fund manager believes that many people have lost their cryptocurrencies. According to Miller, this is not surprising after the collapse of initial coin offerings (ICOs) in 2018.

Miller points to the fact that bitcoin is highly correlated with the market. According to Miller, with the exception of bitcoin, all cryptocurrencies, including Ethereum, face competition. He adds that he has not heard any strong arguments why he should not invest one percent of his liquid capital in bitcoins. The investor considers the largest cryptocurrency as a hedge. He stated that he would be upset if BTC lost another 50 percent in its current state, but would not be surprised.

What is the latest market situation?

Yesterday, bitcoin, the largest cryptocurrency by its market value, fell to $27,300. At the time of writing, there seem to be slight signs of recovery. The value of BTC at the time of writing is about $30,467, an increase of 11.2 percent. The cryptocurrency market was negatively affected by the collapse of Terra, one of the leading smart contract projects.