Bill Miller, a well-known investor, believes that Bitcoin’s true worth is far greater than its current market price.
He predicts that those who dismiss Bitcoin will regret it in the coming decade.
What can Bitcoin do for you
Bill Miller remains confident about Bitcoin’s future, even as it trades near its all-time highs.
In a recent article, the billionaire investor stated that Bitcoin’s “intrinsic value” is significantly higher than its current market cap, and he emphasized that Bitcoin represents a major shift in how people think about capital and its management.
According to Miller, Bitcoin offers a unique promise, as changes in purchasing power should not be dictated by any authority tied to an individual’s birthplace.
People often don’t understand what they see
With the value versus price suggestion, Miller echoing the view of many experts, that Bitcoin’s value is often misunderstood.
Its predefined monetary policy, embedded in its code, makes it immune to manipulation by bureaucrats, and because it is censorship-resistant and permissionless, offering protection against debasement.
These attributes make Bitcoin valuable, and its price reflects how many people recognize this value.
Miller argued that Bitcoin’s blockchain-based accounting is much better than fiat alternatives, and he suggested that Bitcoin’s $1.5 trillion market cap is only a tiny fraction of its potential market.
In 2015, his firm, Miller Value Partners, published “A Value Investor’s Case For Bitcoin,” which predicted that if Bitcoin became as popular as gold, it could reach a price of $314,000 per coin.
Back then, Miller assigned a 0.25% probability to this scenario, but now he sees it as more plausible, especially as global capital approaches “a quadrillion dollars.”
Don’t miss this train
Miller pointed out that people often struggle to understand the importance and potential of new technologies, and he believes that ignoring Bitcoin will prove costly over the next decade, just as it has in the past ten years. “It’s still early,” he concluded, reaffirming his belief in Bitcoin’s long-term potential.
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