Legendary value investor Bill Miller once again expressed that he would prefer Bitcoin (BTC), which is often compared to digital gold, over precious metal.
Miller, president of Miller Value Partners, whose assets under management are valued at $ 3.6 billion, spoke at the Forbes / SHOOK Senior Advisors Summit in Las Vegas. The investor was previously president of investment management giant Legg Mason Capital Management Value Trust.
Commenting on topics that are on the crypto community’s agenda, such as JPMorgan Chase CEO Jamie Dimon’s recent comments on Bitcoin, the mounting pressures China is putting on the crypto sector, and legal uncertainty in the US. In the US, Miller shared his views on gold. and Bitcoin with an analogy. The value investor said that gold is like a carriage and Bitcoin is like a Ferrari.
Jamie Dimon, who said in 2017 that Bitcoin is a fraud and used for illegal purposes, said in a statement he made last month: “I don’t really care about Bitcoin. I think people are wasting a lot of time and encouragement on this issue, ”he said, suggesting that regulations can hamper cryptocurrencies to some extent.
The United States and China are two countries on the regulatory agenda. After China began increasing pressure on crypto miners in May 2021, news of new bans has been on the agenda frequently since then, putting downward pressure on the price of BTC. In the US, the vote on the infrastructure law, which has the potential to significantly affect the crypto sector, was postponed to the end of October.
Miller’s company first invested in Bitcoin in 2017 and up to 5 percent of its portfolio. Paying an average of $ 200 per coin on his first investment, Miller announced that he made a large number of purchases in the correction in May, when Bitcoin fell below $ 30k, and the average value paid per coin rose to $ 800 afterwards. of this investment.
The investor expert said in a statement he made last April that he agreed with the discourse that Bitcoin is digital gold. The investor believes that Bitcoin is a much better version of gold, thanks to its divisibility, easy portability, and ability to be spent anywhere in the world with a smartphone.
For this reason, Miller, who claimed that the value of Bitcoin will increase further, added:
“The supply of BTC is increasing by 2 percent per year, the demand is much faster. That is all you need to know, which means that Bitcoin will increase.”
Bitcoin, which gradually erased the traces of the correction that began in May, has gained 3.65% in the last 24 hours and reached 50 thousand dollars.