It became known that bitcoin’s fall on Thursday led to a test of important support near the $28,650 mark, which is worrisome, but bitcoin quickly recovered thereafter. Since last night, it has been testing lower and lower highs since last night.
The other interesting indicator concerns the fact that bitcoin did not profit from Nasdaq’s 2.68% surge on Thursday, but instead it is often suffering a drop in this high-tech index due to its correlation with it.
In the cryptocurrency market, risks for the most important cryptocurrency on the market, now down nearly 60 percent from its peak in November 2021, seem to be downward. The risks for this cryptocurrency are not yet low. In addition to that, this is not stopping some prominent investors from continuing to be optimistic about BTC.
Particularly true of Bill Miller, the billionaire founder and head investment officer of Miller Value Partners, who said that bitcoin is “an insurance policy” against financial catastrophe.
As Bill Miller told on May 24’s podcast “Richer, Wiser, Happening”, Bill Miller called the use of cryptocurrency as a way to still have access to financial products: “When the United States withdrew from Afghanistan, Western Union stopped transferring money there or receiving payment information. But if you are infected by an emergency situation and have bitcoins then it is fine. If you have a phone, you can send them to anybody in the world if you have a phone.
Among other things, Miller refuted Warren Buffett’s recent criticism of bitcoins, including his statement that “he has no idea what he is doing” and said that he “does not agree with all the bitcoins in this world even for $25. In his words, he clarified that the purpose of investing is not to own productive assets, but to make money.