Veteran investor Bill Miller stated that all major banks, investment banks and high-net-worth companies will eventually own Bitcoin or similar assets. He said that the staying power of Bitcoin is improving every day.
Bill Miller’s bullish remarks on Bitcoin
More and more large companies have been exposed to Bitcoin, which has prompted people to guess when other companies will follow. After Microstrategy’s $425 million investment, Square invested in Bitcoin and Paypal launched a cryptocurrency service. Now, according to reports, well-known investor Bill Miller told CNBC on Friday:
I think every major bank, every major investment bank, every major high-net-worth company will eventually come into contact with Bitcoin or something similar, namely gold or a certain commodity.
Bill Miller founded Miller Value Partners and currently serves as its chairman and chief investment officer. He manages a portfolio of opportunity stocks and income strategies. Miller was previously the co-founder of Legg Mason Capital Management and has co-managed Legg Mason Capital Management value trust funds since its establishment in 1982. He took over as the sole manager in December 1990 and has held that position for the next 20 years. Before joining Legg Mason, he served as the treasurer of JE Baker Company, a major product manufacturer in the steel and cement industries. From 1991 to 2005, he beat the S&P 500 every year.
While noticing that the price of Bitcoin is “very volatile”, the famous investor believes that the “stability ability of the cryptocurrency is getting better every day” and the risk of “trending to zero” is much lower than in the past . “
Miller further stated that in the past year, five years and ten years, Bitcoin has been the “best performing asset class.” He elaborated:
The story of Bitcoin is simple, it is the relationship between supply and demand. The supply of Bitcoin is growing at a rate of about 2.5% per year. The growth rate of demand exceeds this rate, and there will be a fixed amount of demand.
This is not the first time the former portfolio manager of Legg Mason Value Trust has praised BTC. As early as December 2017, he revealed that his MVP 1 fund had invested about 50% in Bitcoin.
Bill Miller is not the only hedge fund manager who understands the value of Bitcoin investments. Paul Tudor Jones also recently revealed that he also sees huge upside in Bitcoin, and he has invested about 2% of his portfolio in the cryptocurrency. Michael Saylor, CEO of Jones and Microstrategy, compared investing in Bitcoin with investing in early technology stocks such as Google, Facebook, Apple, and Amazon.
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