Legendary Value Investor Bill Miller: Every High Net Worth Firm Will Get Exposure To Bitcoin
Legendary value investor Bill Miller said in an interview on CNBC that every ‘high net worth firm will get exposure to Bitcoin.’
Miller was discussing the macro economic outlook under a Biden administration, and said he expected the stock market to remain bullish.
Miller is the Founder, Chairman, CIO, and fund manager at investment firm Miller Value Partners, and has been involved with Bitcoin since 2013.
Bitcoin is an Insurance Policy Against Inflation
The Wall Street legend, who previously called Bitcoin an ‘insurance policy against inflation,’ is highly respected in the financial world after beating the S&P 500 for 15 straight years. A benchmark no other active money manager has achieved.
Speaking on CNBC, Bill Miller said Bitcoin had been the best performing asset class of the last five or ten year time periods. And he sourced Bitcoin’s scarcity as the driver for the price increase, saying it was clear the demand for Bitcoin was growing faster than supply.
‘The Bitcoin story is very easy, it’s supply and demand,’ said Miller. ‘Bitcoin’s supply is growing at around 2.5 percent a year, and the demand is growing faster than that and there’s going to be a fixed number of them.’
‘It’s been very volatile, but I think right now it’s staying power gets better every day. I think the risks of Bitcoin going to zero are much much lower than they’ve ever been before.’
Miller referenced MicroStrategy’s and PayPal’s move into the Bitcoin space, then underlined Square’s best Quarterly performance by far. And the value investor then said he believes every major money manager will get exposure to Bitcoin.
‘I think every major bank, every major investment bank, every major high net worth firm is going to eventually have some exposure to Bitcoin,’ said Miller.
Bill Miller’s Words Will Be Reverberating Around Wall Street
The words from the Miller Value Partners fund manager would no doubt have have validated Bitcoin for many on Wall Street,
Miller has been involved in the Bitcoin space since 2013, and has frequently opined about the possibilities it offers.
Earlier in the summer the value investor said everyone should have at least one percent of their liquid assets in Bitcoin.
‘With Bitcoin, what I find interesting is I don’t see why a [financial advisor] would not advise all of their clients to put one percent of their liquid assets in Bitcoin…’ said Miller. ‘I think if you put one percent in there, you have very little risk of any harm to your financial condition, but the potential to dramatically increase that.
And Miller referenced Ray Dalio’s ‘Paradigm Shift’ essay, which the Bridgewater Associates Chairman laid out his vision for a new overall global macro position.
Dalio’s belief is a new paradigm shift would likely trigger a ‘significant increase in gold.’
Bill Miller is positive on gold and spoke about it in the interview, but he believes Dalio’s bullish angle on gold is superseded in every way by Bitcoin.
‘My view is that in any environment where gold works, Bitcoin works far far better than gold because it’s infinitely divisible,’ said Miller. ‘Bitcoin can be sent at virtually no cost, and it’s got other characteristics that gold doesn’t have.’
Every High Net Worth Firm And Individual Will Get Exposure To Bitcoin
2020 has been the year corporate balance sheets are openly getting exposure to Bitcoin. MicroStrategy rocked the Bitcoin space earlier this year when they invested $425 million in Bitcoin.
We already have several high net worth individuals buying Bitcoin. Mike Novogratz, Paul Tudor Jones, and of course Bill Miller have openly discussed the bullish case for Bitcoin.
And when Bill Miller speaks, everyone listens. The legendary value investor is extremely bullish on Bitcoin and believes the demand for the leading cryptocurrency is just getting going.
His words are more validation for Bitcoin, and it’s hard to imagine how Bitcoin wouldn’t be topic for discussion with every CEO and CIO the world over.
Read More: Pablo Clarke
Why should I buy Bitcoin?
Bitcoin is a peer-to-peer money that nobody can manipulate. It’s all set in the Bitcoin codebase which is secured by hundreds of thousands of computers all around the world. Bitcoins can be sent by anybody and no third party is need to verify the transactions, and nobody can stop Bitcoins being sent
Where can I earn free Bitcoin?
Nothing is really free, because even when you earn free Bitcoins you’re giving up your time, which is precious. But you can earn free Bitcoins. If you are a gamer, there are games like Bitcoin Bounty Hunt where you shoot your way to Bitcoin riches. Or there’s Carrot – a platform where you can earn free Bitcoin for doing tasks. Or you can save your Bitcoin in an interest bearing account and earn some Bitcoin interest. Be careful with interest bearing accounts, and only go with legitimate companies, though. I recommend Blockfi, you can read the review here.
Can you buy less than 1 Bitcoin?
Yes. Every Bitcoin can broken down into 100 million bits. They are known as satoshis, after the pseudonymous creator Satoshi Nakamoto. And some companies will let you buy as little as $1 worth of Bitcoin, which at time of writing is worth about 11,000 satoshis. There are many companies that have a system for dollar cost averaging (DCA). This is a great way to buy Bitcoin, and is known in the space as ‘Stacking Sats’. Basically, what you do is set up small automatic, recurring payments to buy Bitcoin (or sats), and you DCA over time.
How can I make money with Bitcoin?
There are many ways to make money with Bitcoin. The most obvious way is to mine Bitcoin. Bitcoin mining is the process of verifying transactions, and helping to secure the Bitcoin network. Bitcoin miners are rewarded with bitcoins for their work.