In an interview on Friday, November 6, on CNBC, veteran investor Bill Miller said that all major investment banks will own Bitcoin. Or something similar.
Miller also said, that the risks of Bitcoin reaching zero are lower than ever. He also predicted a greater institutional investment in cryptomoney.
„The Bitcoin story is very easy, it’s supply and demand. Basically, Bitcoin’s supply is growing about 2.5 percent a year and demand is growing faster than that. Wise words from Bill Miller.
Now is the time to invest in Bitcoin?
But who is Bill Miller?
William H. Miller III, is an American investor, fund manager and philanthropist. He served as president and chief investment officer of Legg Mason Capital Management. He is also a senior administrator of the Legg Mason Capital Management Value Trust.
While managing Legg Mason Capital Management Value, Miller beat the S&P 500 by 15 years.
Interestingly, in December 2017 in the WealthTrack podcast, he revealed that his hedge fund, MVP1, had half of its investments in Bitcoin.
„It’s only about 50 percent at this point.
He is currently the chief investment officer of Miller Value Partners. Bill Miller also serves on the investment committee of the Johns Hopkins University Foundation, based in Baltimore.
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In fact, Miller warned that inflation will return with the Federal Reserve. Triggering the money supply and future congressional tax relief
Indeed, Bill Miller said that following the purchase of Bitcoin by MicroStrategy and Square, as well as PayPal’s support for buying and selling crypto currencies on its platform, all major investment banks and high net worth companies will eventually be exposed to Bitcoin. Or commodities like gold.
„I think every major bank, every major investment bank. Also, every major high-net-worth company will eventually own Bitcoin.
Bill Miller added, that Bitcoin has performed well for three, five and ten years.
The director of the Johns Hopkins University Foundation said, „Everyone will want to own at least some Bitcoin. Because of its asymmetric properties.
To which Miller responded, „The foundation may never own Bitcoin. However, for a university foundation, it’s a bold statement.
According to its founder and CEO, Michael Saylor, the US business intelligence firm, MicroStrategy, announced that it made a second investment in Bitcoin (BTC) as a reserve asset. The company acquired another 16,796 BTC for $175 million.
Square bought 4,709 Bitcoins for $50 million in early October. Square’s CFO, Amrita Ahuja said, „Bitcoin could become a more ubiquitous currency in the future.
Bitcoin could have a bullish cycle like in 2017
Finally, Bitcoin shot up to 8%, after PayPal said in October that it would allow users to buy, sell and maintain the popular cryptomoney.
I close with this statement by Bill Miller: „The simple fact of maintaining that level of emotion and fear. It requires a constant dose of new and really bad news“.