A leading American investor and fund manager, Bill Miller, advocated that bitcoin is not a bubble. He also described bitcoin as Digital Gold in his recent interview with CNBC. The world’s most comprehensive digital currency currently trades at approximately $54,500 with a market cap of roughly $1.02 trillion. The former Chairman and CIO (Chief Investment Officer) of Legg Mason Capital Management emphasized the significant difference between Bitcoin’s supply and demand. Miller elucidated that Bitcoin is a better store of value than many financial assets.
“Supply [of bitcoin] is growing 2% a year, and demand is growing faster. That’s all you really need to know, and that means it’s going higher”, stated Miller. He first began to purchase bitcoin around 2014 or 2015 at an average cost of $350 per coin. Nevertheless, he accepted the historically volatile bitcoin will possibly encounter sharp price fluctuations, like over the weekend, dropping the digital coin below $60,000. Last week, it hit an ATH of approximately $65,000. Miller opined that the rally in 2017 was, in fact, a bubble that eventually burst. It’s changed now. He explained that bitcoin is no more a bubble but is starting to be mainstream.
Bitcoin draws almost $108 million worth of Institutional Inflows.
Miller further said that he agrees with the belief held by other crypto bulls that bitcoin is digital gold. As per the report issued by CoinShares, Bitcoin attracted approximately $108 million worth of institutional inflows last week. Institutional interest in bitcoin-related investment products has grown significantly in the previous six months. The world’s largest digital asset manager, Grayscale, recently has over 650,000 bitcoin under management with a total value of about $35 billion.
Various companies across the globe are adding bitcoin to their balance sheets. Recently, WeWork and TIME Magazine declared the acceptance of bitcoin as a payment method and revealed that the companies would add bitcoin to their balance sheets. Moreover, Asian tech firm Meitu and business intelligence firm MicroStrategy currently expanded their bitcoin holdings with the acquisition of $10 million and $15 million worth of bitcoin, particularly.
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