- Veteran investor Bill Miller has shown a considerable belief in Bitcoin and blockchain technology.
- The 71-year-old hedge fund boss revealed in a conference call that he has allocated 1% of his liquid net worth to purchasing Bitcoin, buying in at around $300 per Bitcoin.
- Speaking with CNBC, Bill Miller referred to Bitcoin as digital gold, extolling its virtues and calling it a better store of value than gold.
- The interest shown by Bill Miller is a step in the right direction in whittling down the stereotype that Bitcoin is only for young, tech-savvy investors.
Belief in Bitcoin transcends age, social class, or degree of technological expertise as more people are buying into the idea of a decentralized digital currency that is not subject to the whims and caprices of a central bank.
Veteran investor Bill Miller is one such person who has made the valiant move of believing in and adopting Bitcoin. The experienced fund manager made his opinions known through an interview with CNBC and a conference call with other Bitcoin enthusiasts.
Bitcoin Is The Future
While Bitcoin has had a pretty impressive showing in 2021, reaching a record high of $64,863, Bill Miller believes that we’re still in the early stages of adoption of the cryptocurrency. He made these comments on a conference call with several Bitcoin aficionados and responded to the assertion that the cryptocurrency is a solution in search of a problem.
Bill Miller noted that there has always been an existential crisis around money from the 1st century till the present. He claimed that it is the persistent “problem of how to safeguard a portion of your asset from the vagaries of the financial system, especially a system which is monopolized by governments… [that behave] in ways that are in their own personal interest and not necessarily… in the interests of citizens.”
That is the problem that Bitcoin seeks to solve by allowing for a decentralized, peer-to-peer digital currency that is easily divisible and regulated solely by demand and supply.
When quizzed by CNBC on whether Bitcoin is at its pinnacle or will continue to add value, Miller said that “we are witnessing the beginning of mainstream adoption.” He also argued that while the meteoric rise of Bitcoin in 2017 was a bubble, the current spike in price is certainly not as it is propped up by institutional demand.
On the Flipside
- Bitcoin fell under $49,000 on early Friday.
- The dip in prices has been linked to the blackout in China’s Xinjiang region, home to a significant portion of Bitcoin miners.
- Furthermore, speculation concerning a US Treasury-led money-laundering investigation into financial institutions contributed to the dip.
No Altcoins – Just Bitcoin
Bill Miller is an ardent believer in Bitcoin, investing 1% of his liquid assets in the cryptocurrency when it was trading at around $300. He explained that he does not own any altcoins because, in his opinion, Bitcoin will be the dominant asset in the emerging industry.
He said the adoption of Bitcoin mirrors the same path that other great advancements in technology have taken, such as electricity and the steam engine.
The growth of Bitcoin has led to the rapid boom in ICOs and the frenetic development of new cryptocurrencies. However, Bill Miller believes that many of them will become worthless. He ended the conference call with a quote saying, “Of networks, there will be few.”
Bitcoin currently dominates the cryptocurrency market by 49.59% and has a market capitalization of over $1 trillion. Trading at around $54,000, Bitcoin dwarfs all other cryptocurrencies, with the closest being Ethereum which trades at $2,583 with a market capitalization of $298 billion.