Fun

Every Major Bank Will Have Exposure to Bitcoin, Says Renowned Fund Manager Bill Miller

News Feed - 2020-11-09 08:11:14

Every Major Bank Will Have Exposure to Bitcoin, Says Renowned Fund Manager Bill Miller


Veteran investor Bill Miller says that all major banks, investment banks, and high net worth firms will eventually have some exposure to bitcoin or something like it. He said that bitcoin’s staying power is getting better every day. Bill Miller’s Bullish Statements About Bitcoin


A growing number of major corporations have been gaining exposure to bitcoin, prompting speculation of when the rest of them will follow. Following Microstrategy’s $425 million investment, Square invested in bitcoin and Paypal launched a cryptocurrency service. Now, famous investor Bill Miller reportedly told CNBC on Friday: I think every major bank, every major investment bank, every major high net worth firm is going to eventually have some exposure to bitcoin or what’s like it.


He named “gold or some kind of commodities” as alternative investments like bitcoin.


Bill Miller founded Miller Value Partners and currently serves as its chairman and chief investment officer. He manages the Opportunity Equity and Income Strategy portfolios. Miller previously co-founded Legg Mason Capital Management and co-managed the Legg Mason Capital Management Value Trust from its inception in 1982. He took over as sole manager in December 1990 and served in this role for the next 20 years. Prior to joining Legg Mason, he served as treasurer of the JE Baker Company, a major manufacturer of products for the steel and cement industries. He famously beat the S&P 500 every year from 1991 to 2005.


While noting that the price of bitcoin has been “very volatile,” the famed investor believes that the cryptocurrency’s “staying power gets better every day” and the risks of it “going to zero are much much lower than they’ve ever been before.”




Miller further said bitcoin has been the “single best performing asset class” in the last year, five-year, and 10-year periods. He elaborated: The bitcoin story is very easy, it’s supply and demand. Bitcoin’s supply is growing at around 2.5% a year, and the demand is growing faster than that and there’s going to be a fixed number of them.


This is not the first time the former portfolio manager of Legg Mason Value Trust praised BTC. Back in December 2017, he revealed that his MVP 1 fund had invested about 50% in bitcoin.


Bill Miller is not the only hedge fund manager who understands the value of investing in bitcoin. Paul Tudor Jones also recently revealed that he also sees a massive upside in bitcoin, having invested about 2% of his portfolio in the cryptocurrency. Jones and Microstrategy CEO Michael Saylor compared investing in bitcoin to investing in early tech stocks, such as Google, Facebook, Apple, and Amazon.


Do you think all banks will eventually own bitcoin? Let us know in the comments section below. 20 More Block Rewards from 2010 Spent Today— Why Are Decade-Old Bitcoins Waking Up? NEWS | 8 hours ago Hash Watch: Kraken Announces BCH Fork Plans, Bitcoin ABC Reveals Two-Pronged Effort NEWS | 20 hours ago Tags in this story bill miller bitcoin, bill miller crypto, bill miller cryptocurrency, legg mason bitcoin, legg mason crypto, legg mason cryptocurrency


Image Credits: Shutterstock, Pixabay, Wiki Commons Purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

XRP Price To $5.85: Analyst Reveals Why The New Week Will Be ‘Dynamic’
Este artículo también está disponible en español. A new XRP price predictionhas surfaced, with a crypto analyst forecasting that the popular altcoin will experience a dyn
Tom Mitchelhill2 hours agoMemecoin mania hits Base: Obscure tokens skyrocket amid rug pulls and FOMOMemecoin traders have been buying up obscure tokens such as Bald and Based, which have each seen staggering price gains
US Senator Lummis Buys More Bitcoin, Sees BTC as ‘Excellent Store of Value’
US Senator Lummis Buys More Bitcoin, Sees BTC as "Excellent Store of Value" U.S. Senator Cynthia Lummis has disclosed her bitcoin purchase worth between $50K and $100K. The senator
Backtested DCA strategy suggests selling Bitcoin at ‘extreme greed’ most profitable
Brayden Lindrea4 hours agoBacktested DCA strategy suggests selling Bitcoin at ‘extreme greed’ most profitableA Redditor suggested selling 5% of one’s Bitcoin during times of “extreme greed” produces higher ROI
Indian Lawmaker Says ‘Cryptocurrency Is Inevitable’
Indian Lawmaker Says "Cryptocurrency Is Inevitable" Indian Parliament member Dr. Subramanian Swamy has shared his view on cryptocurrency. Advocating for India to make the transit
North America’s First Bitcoin ETF Now Holds Over 11,000 BTC
North America"s First Bitcoin ETF Now Holds Over 11,000 BTC The first bitcoin exchange-traded fund (ETF) in North America now holds over 11,000 bitcoins. Purpose
2 American Banks Have Failed Since Coronavirus Started Spreading in the US
2 American Banks Have Failed Since Coronavirus Started Spreading in the US Since the coronavirus started spreading in the U.S., two banks have failed and were shut down by state
Ethereum L2 Movement Labs raises $38M for Move-EVM adoption
Arijit Sarkar9 hours agoEthereum L2 Movement Labs raises $38M for Move-EVM adoptionThrough Facebook’s Move-based Ethereum virtual machines, Movement Labs aims to enhance smart contract security and transaction throughp
After Defaulting Sri Lanka Plans to Print $2.8 Billion Worth of Rupees, Inflation Rate Expected to Top 40%
After Defaulting Sri Lanka Plans to Print $2.8 Billion Worth of Rupees, Inflation Rate Expected to Top 40% The government in crisis-stricken Sri Lanka has said it will print more m
ETHTrustFund DAO transfers $2M treasury in apparent rug pull
Christopher Roark4 hours agoETHTrustFund DAO transfers $2M treasury in apparent rug pullAccording to a report from PeckShield, ETHTrustFund transferred its entire treasury funds to a new account and then attempted to lau
Fidelity’s Crypto Platform Prepares to Start Offering Ethereum Trading Next Week
Fidelity"s Crypto Platform Prepares to Start Offering Ethereum Trading Next Week Fidelity Digital Assets, a subsidiary of Fidelity Investments, has informed customers that it will
iShares BTC ETF investors weather major price drop with zero flows
Savannah Fortis10 hours agoiShares BTC ETF investors weather major price drop with zero flowsThe Bitcoin ETF from iShares saw a rough entry into the week, with the asset down by 14%, yet according to market analysis, no