Bill Miller, billionaire investor and Miller Value Partners CFA, continues Bitcoin in a new conversation with author William Green, whose profile today Business Insider.
He first started commenting last year, when Miller compared his faith in Bitcoin to his faith in Amazon stock when the dot-com bubble burst, “I’m willing to go to the waterfall with it, too,” he said. A transcript of an interview.
The comments echo a growing feeling in the mainstream media that Bitcoin, long rejected as a black market currency used by hackers, is maturing as the largest and most established financial asset-worthy asset class in America.
In fact, Miller went so far as to say that investing in Bitcoin should be more attractive than it is today, with banks and investment firms still sitting side by side.
“Bitcoin is much less risky at 43 43,000 than ০০ 4,000. Now that it’s established, huge amounts of venture-capital money have entered it, and all the big banks are getting involved,” Miller said, not advising investors who still understand the asset, Lacking conviction, they allocate only 1% of their portfolios.
As a growth investment, Miller told Coinbase that “as a disruptive company in a fast-growing, changing industry, Coinbase could easily get a ক 500 billion or $ 1 trillion market cap.”
The billionaire also advised to keep investments like Bitcoin and Coinbase stocks, “If you’re going to be shocked at how the stock trades in three months or six months or nine months, you probably shouldn’t own it.”
This comes a year after institutional investors increased their demand for Bitcoin. Notably, Bank of New York Mellon has announced plans to keep Bitcoin and crypto in custody, among other traditionally conservative financial institutions. Recently, US Bank, with more than 6 8.6 trillion in assets under management, has become the latest in a line of banks to engage with Bitcoin.
Wearing a black baseball cap with a bitcoin cap, Miller said, “I think bitcoin is digital gold. The key is the need for this particular type of protection against financial catastrophe.” He said the value of Bitcoin could increase 10 times if investors take it as a value-asset and suggested that it would only begin to realize the potential of Bitcoin.