American investor, fund manager, and millionaire Bill Miller suggested that Bitcoin (CRYPTO: BTC) being a store of value remains an open question, despite the fall in prices reported since May's highs.
What Happened: According to a July 9 letter to his fund's clients, Miller pointed out that Bitcoin was created because of the 2008 financial crisis "to be the ultimate in an inflation-proof asset" thanks to its features making it "free of government control and manipulation."
He admitted that it is still an open question if it will be a store of value in the long term.
Miller famously became a billionaire after losing 90% of his fortune in the late 2000s, but his Bitcoin and Amazon Inc (NASDAQ:AMZN) stock holdings made him a billionaire.
Read also: Peter Schiff Says He Would Buy Bitcoin If It Went Under $1
As of late April, he also purportedly owned more Bitcoin than Amazon stock.
Talking about stocks, Miller said that he believes the market to be fairly valued, "with most stocks priced to provide a market rate of return plus or minus a few percent."
Price Action: According to CoinMarketCap data, Bitcoin is currently worth $32,601 and lost 1.20% of its value during the last 24 hours.
The coin is still also about 49% down from its all-time high of $63,503 reported in mid-April.