![]() Miller concluded his forecast with a quip at the Oracle of Omaha who famously called bitcoin “rat poison.” ![]() “Companies such as Square, MassMutual, and MicroStrategy have moved cash into bitcoin rather than have guaranteed losses on cash held on their balance sheet,” the investor said in the letter.Īccording to him, BTC at this stage is best thought of as digital gold yet has many advantages over the yellow metal. Observing that bitcoin was the best-performing major asset category of 2020, Miller said that "it has outperformed all major asset classes over the past 1, 3, 5, and 10 years" and "its market capitalization is greater than JPMorgan and greater than Berkshire Hathaway and yet it is still very early in its adoption cycle.”īut besides exceeding the leading US investment bank and the holding controlled by iconic investor Warren Buffett, who has remained skeptical of cryptocurrencies, bitcoin could become a much sought safe haven for companies worried by the Federal Reserve’s (Fed) increasingly loose monetary policy, according to Miller. "If inflation picks up, or even if it doesn’t, and more companies decide to diversify some small portion of their cash balances into bitcoin instead of cash, then the current relative trickle into bitcoin would become a torrent," Founder of major investment management firm Miller Value Partners and Co-Founder of Legg Mason Capital Management, wrote in his Q4 Market Letter. ![]() As bitcoin (BTC)'s latest surge continues to convert ranks of legacy finance institutions into crypto-enthusiasts, legendary investor Bill Miller predicts that "the current relative trickle into bitcoin" could become "a torrent." Bill Miller. ![]()
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