September 26, 2022

Business Money Could Start A Bitcoin ‘Torrent’, Says Hedge Fund Manager Bill Miller

2 min read

US investor, fund manager, and philanthropist Bill Miller thinks that the global financial scenario might drive large corporations to allocate more funds into bitcoin. The previous Chairman and CIO of Legg Mason Capital Management stated that the BTC adoption curve is extremely annual, although the possession’s market cap has surpassed some prominent names.

Rat Poison But For Cash; Miller Says

The 71-year-old investor is amongst the most well-recognized and respected hedge fund managers, known for managing a portfolio that beat the S&P 500 Index from 1991 to 2005, consecutively.

Although displaying uncertainty concerning BTC in the past, Miller has been supportive of the possession lately, specifically after the global financial difficulties prompted by the COVID-19 pandemic.

Back in November, the hedge fund manager highlighted that the need from organizations and corporations is growing much faster than BTC’s supply. Moreover, he noted that many large banks will own bitcoin at some time.

In a current note to investors, Miller likewise used “a couple of ideas” about the “best carrying out property classification in 2020.” He discussed the quickly increasing cost, stating that it has actually exceeded “all major property classes over the past 1,3, 5, and 10 years.”

He said that BTC’s market capitalization is now higher than JPMorgan Chase & & Co and Berkshire Hathaway, while it’s still really early in its adoption cycle. Speaking of Berkshire, he used the business’s founder well-known tirade that BTC is “rat toxin” however turned it in a positive way for the cryptocurrency:

“Warren Buffett famously called bitcoin ‘rat poison.’ He might well be right. Bitcoin could be rat poison, and the rat could be money.”

Bill Miller. Source: Bloomberg
Bill Miller. Source: Bloomberg Companies Could Start A Bitcoin”Torrent”Miller doubled-down on his forecast that more corporations will get in the bitcoin area. Business, such as Jack Dorsey’s Square, Michael Saylor’s MicroStrategy, or the insurance giant MassMutual, represent just the first waves of companies buying bitcoin.

“If inflation gets, and even if it does not, and more companies choose to diversify some little portion of their money balances into Bitcoin instead of cash, then the present relative trickle into Bitcoin would become a torrent.”

It’s worth noting that earlier today, another Wall Street legend, Anthony Scaramucci, praised the cryptocurrency. He compared BTC with gold and stated that bitcoin really works better than the precious metal.

Included Image Courtesy of CNBC