Corporate Investment May Be About to Pump Bitcoin, Says Bill Miller
Investor Bill Miller, who has managed billions of dollars worth of funds and allocated 1% of his net worth to Bitcoin, sees corporate investment as a huge potential buy signal.
Key Takeaways
- Bill Miller allocated 30% of a $154 million fund to Bitcoin throughout 2017.
- Miller has beaten the S&P 500 for over 16 years with his investment decisions.
- He stated that the trend of companies diversifying into Bitcoin may be about to skyrocket BTC prices.
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Bill Miller is a seasoned investor in the mainstream financial markets, beating the S&P 500 for years. He was ahead of the curve with Bitcoin, raising the BTC allocation of a $154 million fund from 5% to 30% in 2017.
“If inflation picks up, or even if it doesn’t, and more companies decide to diversify some small portion of their cash balances into Bitcoin instead of cash, then the current relative trickle into Bitcoin would become a torrent,” Miller stated yesterday.
Miller argues that companies including Bitcoin as part of their balance sheet may significantly increase the market cap, and likely the price.
Bill Miller Cites Corporate FOMO
Companies worldwide have made major investments in Bitcoin, with Microstrategy investing over $1 billion as of last year.
Microstrategy CEO Michael Saylor was influenced by the U.S. Federal Reserve policy of printing more money to combat the ongoing pandemic, inflating the U.S. dollar. Jack Dorsey recently led Square Inc. to purchase $50 million worth of Bitcoin for similar reasons.
Bitcoin recently passed an all-time high of $35,000, likely influenced by high-profile corporate investments, among other factors. BTC is up over 300% compared to last year and 20% in the last week alone.
Mirroring Saylor’s take on the use case for Bitcoin over the inflating dollar, Miller stated yesterday that “Warren Buffett famously called Bitcoin ‘rat poison,’”
Bill Miller wrote in his post:
“He may well be right. Bitcoin could be rat poison, and the rat could be cash.”Bi
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