Bitcoin
$ 46,378
Ethereum
$ 1,472.3
Litecoin
$ 171.35
okex ads

Every Major Bank Will Have Exposure to Bitcoin, Says Renowned Fund Manager Bill Miller

Veteran investor Bill Miller says that all major banks, investment banks, and high net worth firms will eventually have some exposure to bitcoin or something like it. He said that bitcoin’s staying power is getting better every day.

Bill Miller’s Bullish Statements About Bitcoin

A growing number of major corporations have been gaining exposure to bitcoin, prompting speculation of when the rest of them will follow. Following Microstrategy’s $425 million investment, Square invested in bitcoin and Paypal launched a cryptocurrency service. Now, famous investor Bill Miller reportedly told CNBC on Friday:

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.

He named “gold or some kind of commodities” as alternative investments like bitcoin.

Bill Miller founded Miller Value Partners and currently serves as its chairman and chief investment officer. He manages the Opportunity Equity and Income Strategy portfolios. Miller previously co-founded Legg Mason Capital Management and co-managed the Legg Mason Capital Management Value Trust from its inception in 1982. He took over as sole manager in December 1990 and served in this role for the next 20 years. Prior to joining Legg Mason, he served as treasurer of the JE Baker Company, a major manufacturer of products for the steel and cement industries. He famously beat the S&P 500 every year from 1991 to 2005.

While noting that the price of bitcoin has been “very volatile,” the famed investor believes that the cryptocurrency’s “staying power gets better every day” and the risks of it “going to zero are much much lower than they’ve ever been before.”

Miller further said bitcoin has been the “single best performing asset class” in the last year, five-year, and 10-year periods. He elaborated:

The bitcoin story is very easy, it’s supply and demand. 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.

This is not the first time the former portfolio manager of Legg Mason Value Trust praised BTC. Back in December 2017, he revealed that his MVP 1 fund had invested about 50% in bitcoin.

Bill Miller is not the only hedge fund manager who understands the value of investing in bitcoin. Paul Tudor Jones also recently revealed that he also sees a massive upside in bitcoin, having invested about 2% of his portfolio in the cryptocurrency. Jones and Microstrategy CEO Michael Saylor compared investing in bitcoin to investing in early tech stocks, such as Google, Facebook, Apple, and Amazon.

Related Posts

Leave a Reply

Newsletter

Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.

Popular Posts

American Cancer Society Now Accepting Bitcoin and Altcoin Donations
February 26, 2021By
Governments Host Bitcoin Whitepaper in Defiance to Craig Wright’s Orders
February 25, 2021By
Bank of Ghana Collaborates with EmTech on Deploying a Modern Central Bank Sandbox
February 25, 2021By

Advertisement

Video Posts

In
How Blockchain And Digital Assets Can Be Used Commercially
February 24, 20210
In
Blockchain For Business Growth And Transformation
February 24, 20210

Crypto Stats


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin46,378 0.91 % 5.47 % 10.35 %
Ethereum1,472.3 0.28 % 7.42 % 24.05 %
Tether1.010 0.05 % 1.52 % 0.92 %
Binance Coin228.19 2.57 % 4.39 % 17.31 %
Cardano1.080 0.81 % 6.05 % 18.74 %
Polkadot29.42 1.45 % 9.06 % 5.61 %
XRP0.4302 0.16 % 6.54 % 19.43 %
Litecoin171.35 0.36 % 3.01 % 24.63 %
Chainlink24.95 0.10 % 6.36 % 23.21 %
Bitcoin Cash482.96 1.29 % 7.01 % 31.51 %