Although the last Christmas season was not as good as the previous ones for many people it turned the best for the crypto-industry. It was right before the Christmas Holidays when Bitcoin (BTC) had hit the $23k per BTC price.
Then during Christmas, Bitcoin (BTC) went on to prove to the entire financial institution community what it is capable of. Undoubtedly, the year 2020 has proven to be the best for Bitcoin (BTC). In the same year, Bitcoin (BTC) managed to hit an all-time high and broke the previous records that were set back in 2017.
There is always one price that the Bitcoin (BTC) has to pay for being a cryptocurrency asset. That price is volatility in its price that has made the asset very unstable security to invest in. This is exactly what has kept the entire financial institution industry away from Bitcoin (BTC).
When Bitcoin (BTC) hit the $20k mark at the beginning of December 2020, many investors had their fingers crossed because of its unpredictable nature. There were many cryptocurrency exchanges that even reported Bitcoin (BTC) outflows when the Bitcoin (BTC) hit the $20k mark.
However, due to the mass investments made by mainstream institutions such as MicroStrategy, JPMorgan, and MassMutual, Bitcoin (BTC) managed to remain stable. Although Bitcoin (BTC) is currently sitting at $41k per BTC its price keeps fluctuating between ranges of $1k to $2k.
Now that Bitcoin (BTC) has doubled its price from $20k, there are many analysts who are speculating that Bitcoin (BTC) may plunge all the way down to $20k.
However, there are many economic personalities that are suggesting otherwise. On January 8, 2021, it was the value investor Bill Miller’ who talked about the current situation of Bitcoin (BTC). He also shared his views around the current Bullish nature of Bitcoin (BTC) and where it will stand in the coming days.
As per Bill Miller, Bitcoin (BTC) will not plunge down to such a low figure now that it has gained mainstream recognition. He stated that the more investments Bitcoin (BTC) gets, the higher it grows in value. If the trend keeps growing and Bitcoin (BTC) keeps getting stronger, it will eventually become a stable investment.
Miller stated that although the Bitcoin (BTC) has amassed a lot of brands under its holding per BTC, it is just the beginning for the largest crypto-asset. The asset will keep growing as more and more financial institutions are now rallying up to invest in Bitcoin (BTC).
Bill Miller is known for managing the Legg Mason fund that defeated the S&P 500 index for 15 straight years under his supervision. Although Miller was not able to give an exact figure in Bitcoin’s price rise, he did predict that Bitcoin’s price will grow 50% to 100% in the next 12 to 18 months.