Bitcoin is the first and oldest cryptocurrency in the market. Despite its unwavering value, it is not immune to extreme price fluctuations noted for the entire crypto space. In fact, Bitcoin heavily dominates the crypto space and greatly affects the price movements of other altcoins as well.
However, people who have been in the crypto space for quite some time are familiar with the price fluctuations and significance of the crypto king.
Recently, it has also been called an “insurance policy” against financial turmoil by billionaire Bill Miller. The reasons why Miller categorized BTC as such are mentioned below.
If you are looking to invest in the flagship cryptocurrency then make sure you opt for the best Bitcoin exchange that is also according to your criteria and requirements.
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Significance of the Largest Crypto Asset
Bill Miller is a well-known billionaire who is also the founder and Chief Investment Officer of Miller Value Partners (investment firm). He is also a known fund manager and managed a portfolio for 15 years that outshined the returns of the S&P 500 index.
He has been quite vocal about the crypto king and has 80% of his assets split between Amazon and Bitcoin.
In a recent podcast, Miller stated that Bitcoin is not just a digital asset but is an “insurance policy against financial catastrophe.”
During the podcast, Miller supported the crypto king and stated that BTC allows people to still access financial products even if they are in a difficult situation or conflict of some kind. He spoke about the crash of Afghanistan’s financial infrastructure after U.S. withdrawal as an example and emphasized that Bitcoin is always there and can be sent to anyone in the world through a phone.
He used Bitcoin’s performance during the pandemic and the reaction of the Federal Reserve to support his opinion and highlight BTC’s significance.
“When the Fed stepped in and started gunning the money supply and bailing out, in essence, the mortgage rates […] Bitcoin functioned fine. There was no run on Bitcoin. The system functioned without the Fed and without any interference. Everybody got their Bitcoin, the price adjusted, and then when the Bitcoiners realized, ‘Wait, we’re going to have inflation down the road,’ Bitcoin went through the roof.”
The billionaire also specified that the purpose to invest is not to own productive assets but to make money.
Bitcoin does have an undeniable value, therefore, if you want to invest in it then make sure you opt for one of the lowest fees Bitcoin exchanges.
What Should New Crypto Investors Know?
There are several factors novice parties need to be familiar with before they dive into the crypto space and start buying any crypto asset.
Choosing the right exchange, avoiding common mistakes and opting for a secure option are all important elements new investors should know about.
If you are also new to the crypto space then you should know the helpful tips mentioned below first and then invest.
- Choose one of the largest Bitcoin exchanges that suit your needs and offers a high level of security.
- Keep an eye on the price movement of the digital asset.
- Know when to invest.
- Start by investing a small amount, as much as you can afford to lose.
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