The Great Investor, Bill Miller while speaking During the Forbes/Shook Top Advisor Summit, explains why Bitcoin is replacing Gold. Additionally, He narrates how the largest cryptocurrency is fast replacing Gold.
More so, The ex-Legg Mason CIO goes ahead to make comparisons between the largest cryptocurrency and a Ferrari car. Furthermore, in the case of Gold, the yellow metal only reminds him of the horse-and-buggy days. As he describes. Early In June, before the Bitcoin’s historic bull run, he talks on the largest cryptocurrency, calling it “turbo-charged gold.”
Meanwhile, Miller is a no newbie to cryptocurrency as he’s one of the first Wall Streeters to embrace Bitcoin. Of course, this goes way back in 2014. Additionally, he reaped off from it, especially after losing 90 percent of his net worth. This is during the global financial crisis in the late 2000s. However, he regained his billionaire status with the help of Bitcoin and Amazon.
Report has it that the Miller Opportunity Trust, the investor’s mutual fund owns 1.5 million shares. Yes!, and this is in Grayscale Bitcoin Trust back in late September.
Conclusively, Despite growing interest in bitcoin, some people still consider Gold as the best. For example, Bridgewater Associates CEO Ray Dalio prefers the yellow metal over Bitcoin. For instance, this is due to Gold has been acting as a store of value for thousands of years.
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