A convinced Bitcoin fan – Not long ago, financial analyst Bill Miller told us that Bitcoin was “rat poison” for fiat currencies . He reiterates his optimism today, and here in this article is a small excerpt from his compliments to the king of cryptos.
Its investment fund bets on Bitcoin… via MicroStrategy!
The supposed billionaire Bill Miller has just published a new letter to investors at his financial analysis firm Miller Value Partners.
Bill Miller explains in this letter one of their most recent purchases: convertible bonds of the company MicroStrategy .
As a reminder, the company listed on the Nasdaq issued a debt of 550 million dollars in bonds, in order to buy ever more bitcoins (BTC). Bill Miller explains to his investors that:
“We were particularly interested when Michael Saylor [the CEO of MicroStrategy, editor’s note] announced that his company would put all of its money into a technology that we have long supported: Bitcoin Storm review. “
MicroStrategy has just acquired even more bitcoins , cumulating a staggering total of 70,784 BTC (or about $ 2.2 billion ).
But why this fascination with Bitcoin from Bill Miller’s investment firm?
“The short answer is that there is no other asset that combines Bitcoin’s liquidity with its upside potential. Bitcoin is still an emerging technology in a huge now accessible market, and it has a brilliant protocol that is logically consistent with distributed governance. “
Bill Miller dismantles objections to Bitcoin step by step
The multimillionaire then engages in a formal slaughter of „objections“ that can be raised against the king of cryptocurrencies.
For example, to the silliest of arguments, which is to say that Bitcoin “does not produce anything and therefore has no intrinsic value” , Bill Miller answers:
“What it ‚produces‘ is the ability to store and transmit value according to a predetermined logical algorithm and decentralized governance. The value of any asset that doesn’t pay dividends, like Berkshire Hathaway stock or the US dollar, is what buyers and sellers collectively think it’s worth. With a current market cap of $ 700 billion, buyers and owners of Bitcoin believe it is more valuable than all of the  companies in the S & P500 Index, except the six largest. „