Fund managers and institutional investors are once again becoming more positive on their views of Crypto's future. Most recently Bill Miller, hedge fund billionaire, gave his opinion on the subject in an interview with Bloomberg.
During the interview he described Bitcoin as “an interesting technological experiment." Bitcoin, as of the time of writing, trades above the $8,000 mark, a fact that Miller says is significant in the stability and belief in the cryptocurrency. According to him, unlike in the past when the cryptocurrency traded around the $100 mark, there is less panic in the industry today. "Every day that it doesn’t blow up or go to zero or get regulated out of existence, more money flows into the ecosystem,” said Miller.
I would also have to agree with that statement, Bitcoin has been declared dead hundreds of times and every time doubters are proved wrong they lose credibility and are also more like to flip their stance and get in on the market. On top of that the bigger the market cap gets the less likely it is to evaporate overnight, more investors: less wild price action and more stability. Hedge funds and big institutional money could finally give this asset class the credibility and legitimacy that it desperately needs. However with wealthy people like Bill Miller expressing positive outlooks for Bitcoin and Crypto's future that day may not be very far off.
Now if Miller could just drop a few billion into Bitcoin....