Every major bank will have exposure to Bitcoin, says Bill Miller, a well-known fund manager

Veteran investor Bill Miller says that all major banks, investment banks and high net worth companies will eventually have some exposure to bitcoin or something similar. He said bitcoin’s staying power is improving every day.

Bullish statements by Bill Miller on Bitcoin

A growing number of large corporations have gained exposure to bitcoin, prompting speculation as to when the rest will follow. Following Microstrategy’s $ 425 million investment, Square invested in bitcoin and Paypal launched a cryptocurrency service. Now, famous investor Bill Miller allegedly told CNBC on Friday:

I think every big bank, every big investment bank, every big company with high net worth will eventually have some exposure to bitcoin or something.

He called “gold or some kind of commodity” as alternative investments like bitcoin.

Bill Miller founded Miller Value Partners and is currently president 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 since its inception in 1982. He assumed the position of sole director in December 1990 and held this role for the next 20 years. Prior to joining Legg Mason, he was treasurer of the JE Baker Company, a major manufacturer of products for the steel and cement industries. It famously beat the S&P 500 every year from 1991 to 2005.

While noting that the price of bitcoin has been “very volatile”, the famous investor believes that the “resilience of the cryptocurrency is improving every day” and that the risks of it “going to zero” are much lower than they have ever been before. . “

Miller further said that bitcoin has been the “best-performing single asset class” over the past year, five and 10 year periods. Has elaborated:

The history of bitcoins is very simple, it is supply and demand. The supply of Bitcoin is growing around 2.5% per year and the demand is growing faster than that and there will be a fixed number.

This isn’t the first time the former Legg Mason Value Trust portfolio manager has praised BTC. In December 2017, he revealed that his MVP 1 fund had invested around 50% in bitcoin.

Bill Miller isn’t the only hedge fund manager who understands the value of investing in bitcoin. Paul Tudor Jones also recently revealed that he is also seeing a huge rise in bitcoin, having invested around 2% of his portfolio in cryptocurrency. Jones and Microstrategy CEO Michael Saylor likened 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.

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