In Bitcoin, we trust – More and more reputable investors are not only looking into the Bitcoin case but outright praising it. After Paul Tudor Jones, it is now Bill Miller who affirms that Bitcoin will soon be essential.
Bitcoin, stronger than ever?
American Bill Miller is considered a legendary investor. His main achievement is to have managed to beat the performance of the S&P 500 stock market index for 15 consecutive years, from 1991 to 2005, within Legg Mason Capital Management.
In a recent interview with Business Insider, Bill Miller explains that he thinks Bitcoin (BTC) is here for a long time, and that a bright future awaits him:
“The bitcoin story is very easy, it’s supply and demand,” Miller added.”Bitcoin’s supply is growing at around 2.5% a year, and the demand is growing faster than that and there’s going to be a fixed number of them.”
The current investment manager of the Miller Value Partners fund also explains that the very likely return of inflation, caused by central banks which “abuse the money supply” , should support Bitcoin’s destiny.
The most wanted asset will be Bitcoin
Even if he recognizes that the king of cryptos still has “great volatility”, he observes that Bitcoin is “the best performing asset class”. The price of BTC has indeed increased by more than 110% since the start of 2020.
The legendary investor is also among those who believe that MicroStrategy and Square’s examples of massive Bitcoin investments are just the beginning of a tsunami- worthy move :
“I think every major bank, every major investment bank, every major high net worth firm is going to eventually have some exposure to bitcoin or what’s like it, which is gold or some kind of commodities,”
Here again, Bitcoin is perceived as a safe haven, like gold, the famous precious metal. What changes is that they are long-time specialists in investment (and therefore from traditional finance) seem ready to take a hell of a bet: What if, despite its volatility, Bitcoin were to establish itself as the benchmark savings technology in the future?