Market News: What is Wall Street’s Opinion on Bitcoin?

Discover what are the Bear’s and the Bull’s opinions.

The Bear’s Opinion

Peter Schiff, who along the few managed to foresee the 2008 real estate crisis, President, and CEO of Euro Pacific Capital, sure is a gold bull in general, but his passion for hard money doesn’t stretch to bitcoin at all. And while there are some, who can profit from bitcoin, the investment advisor thinks the majority won’t manage to sell in time to do so.

On Aug. 17, when bitcoin was trading at $4,000 Schiff stated:

“There’s certainly a lot of bullishness about bitcoin and cryptocurrency, and that’s the case with bubbles in general. The psychology of bubbles fuels it. You just become more convinced that it’s going to work. And the higher the price goes, the more convinced you become that you’re right. But it’s not going up because it’s going to work. It’s going up because of speculation.”

The Bull’s Opinion

However, among many, the legendary hedge fund investor Bill Miller entirely disagrees.

He doubled down on his belief in cryptocurrencies as his MVP1 fund had raised its weight on bitcoin and bitcoin cash to almost 50%. In mid-December, Miller stated in a podcast that his fund bought in around 2013 and 2014 when the bitcoin price was commonly at $350. Then, the bitcoin investment only estimated at 5 percent of the complete pool.

He also took aim at those who have criticized the cryptocurrency. According to Miller, the critical position towards cryptocurrency merely reveals the lack of complete understanding of the topic.

“That is to say, they have strong opinions about something they haven’t really looked at.” said Miller during the podcast.