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FxWirePro: Bitcoin bull (Bill Miller) defies price crash for extensive bull journey

BTCUSD has been trading in sideways today at around $10,915 levels at 10:22 GMT, while Bill Miller multi-millionaire investor, reputedly known to be bull in bitcoin and founder of hedge fund Miller Value Partners, revealed his positive standpoint on the cryptocurrency market sell-off and mentioned about as to why this industry should not threaten investors’ sentiment in a FOX Business.

Claiming himself as a bitcoin “observer”, rather than a Bitcoin “believer” or “evangelist”, in the interview Miller compared Bitcoin with other major inventions throughout history, stating:

“What I observed with bitcoin is that it’s following a very time-honored path of disruptive innovation going all the way back to the printing press, railroad, electricity, radio in the 1920s, biotech, the internet.”

While many on Wall Street are worried that cryptocurrencies are a bubble worse than the NASDAQ in 2000, and some even forecast Bitcoin dropping to as low as $1,000 this year, Miller says that the market actually needs this “bubble” to find out whether the idea of this new technology can be adopted.

“Bubbles are essential to pump in capital into the real market to realize if these innovations are actually going to stand,” the reputed investor claimed, citing the idea of ‘Diffusion of innovations’ by Everett M. Rogers.

Miller also mentioned that almost half of the money from his hedge fund was invested in pioneer cryptocurrency. In July 2017, he revealed in an interview that he has been holding a modest 1% of his net-worth in BTC since 2014.

On the other hand, in the recent past (this week), the underlying pair BTCUSD prices surged more than 18%. Bitcoin traded at $11,010 at 06:01 GMT today – bullish rallies for more than $1,700 since starting the week at less than $9,400 per coin despite the negative commentaries such as billionaires like Bill Gates and Warren Buffett slammed cryptocurrencies as speculative, dangerous investments.

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 10 levels (neutral), while hourly USD spot index was at 43 (bullish) while articulating at 10:25 GMT. For more details on the index, please refer below weblink:

http://www.fxwirepro.com/currencyindex.

FxWirePro launches Absolute Return Managed Program. For more details, visit: 

http://www.fxwirepro.com/invest

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