Famous investor Bill Miller says he’s “still betting on Bitcoin.” The leading crypto has enormous potential to rise despite currently trading close to all-time highs, the billionaire thinks.
In his recent blog post, Miller claims that Bitcoin’s “intrinsic value” is “many multiples” of its market cap today.
“I believe that continuing to ignore Bitcoin will serve those who do it over the next decade as well as it has over the past one - not well,” he concluded.
Moreover, Miller claims that BTC is at the center of a “secular shift around how humans think about capital and its governance.”
According to Miller, Bitcoin has a very simple promise. This is the promise of freedom. Because someone’s purchasing power should not be controlled by an authority tied to the circumstances of one’s birth, Miller claims.
With all that said, Miller comes to a conclusion that Bitcoin’s $1.5 trillion market cap is just a small fraction of a percent of its total addressable market.
Blockchain-based accounting is “far superior” to all fiat alternatives, the investor added.
These revelations come as no surprise.
Miller has been one of Bitcoin’s most vocal high-net-worth proponents for many years.
Back in 2015 - when Bitcoin was far from the popularity it has now - Miller Value Partners published “A Value Investor’s Case For Bitcoin.” In this publication Miller stated that Bitcoin “could have enormous upside if it catches on” as a store of value similar to gold.
Also Miller was one of the first influencers who claimed Bitcoin could go as far as to $314,000 per coin.
It seems bold even now, when we are stuck with BTC price below $70,000 for weeks. What can we say about the times when one Bitcoin could change hands for $500?
“Humans are notoriously bad at contextualizing the relevance and potential of new technologies,” Miller said back then.
Anyone who is even vaguely familiar with Miller's bio could agree the man has a talent. When he was a beginning investor, his portfolio outperformed the stock market for fifteen straight years - from 1991 to 2005. He literally became a legend after buying Amazon stocks in 1997. Those bad boys skyrocketed over 205,000% since.