Veteran investor Bill Miller says that all major banks, investment banks, and high net worth firms will end up in exposure to bitcoin or the like. He says that bitcoin’s sustained strength is getting better every day.
Bill Miller’s optimistic statement about Bitcoin
More and more large corporations come into contact with bitcoin, leading to speculation as to when the rest of them will follow suit. After Microstrategy’s $ 425 million investment, Square invested in bitcoin and Paypal launched a cryptocurrency service. Now famous investor Bill Miller told CNBC on Friday:
I think every big bank, every big investment bank, every big high net worth company will end up in exposure to bitcoin or the like.
He named “gold or some kind of commodity” as alternative investments like bitcoin.
Bill Miller founded Miller Value Partners and is currently the company’s chairman and chief investment officer. He manages the Income and Opportunity Equity Strategy portfolio. Miller previously co-founded the Legg Mason Capital Management and co-managed the Legg Mason Capital Management Trust Trust since its inception in 1982. He took over as sole manager in December 1990 and assumed the role for 20 The next year. Before joining Legg Mason, he served as the treasurer of the JE Baker Company, a major producer of products for the steel and cement industries. He famously beat the S&P 500 annually from 1991 to 2005.
Despite noting that the bitcoin price is “very volatile”, the famous investor believes that “the sustained strength of the cryptocurrency will be better every day” and that its risk of “going to zero is much lower than before here. “
Miller also added that bitcoin was “the best performing asset” for the past year, 5 years and 10 years. He stated clearly:
The bitcoin story is easy, it is supply and demand. Bitcoin’s supply is growing by about 2.5% a year and demand is growing faster than that and there will be a fixed number of them.
This isn’t the first time the former Legg Mason Value Trust portfolio manager has praised BTC. Back in 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 investing in bitcoin. Paul Tudor Jones also recently revealed that he is also noticing a massive increase in bitcoin’s price, having invested about 2% of his portfolio in cryptocurrencies. Jones and Microstrategy CEO Michael Saylor has compared investing in bitcoin to investing in early technology stocks, such as Google, Facebook, Apple, and Amazon.
Do you think all banks will eventually own bitcoin? Let us know in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Repel: This newspaper only gives true information. It is not an offer directly or an offer to buy or sell, or an introduction or endorsement to any product, service or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use or reliance on any content, any goods or services are mentioned in this article.