“Only Bitcoin offers such a delirious upside potential”: This billionaire drops a bomb

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A Convinced Bitcoin Fan – Recently, financial analyst Bill Miller told us that Bitcoin represents “rat poison” for fiat currencies. Today he reiterates his optimism, and here is a small excerpt from his compliments to the king of cryptos.

His investment fund bets on Bitcoin… via MicroStrategy!
The supposed billionaire Bill Miller has just published a new letter to investors from his financial analysis firm Miller Value Partners.

Bill Miller justifies in this letter one of their most recent purchases: MicroStrategy’s convertible bonds.

As a reminder, the Nasdaq-listed company has issued $550 million in bonds to buy more and more bitcoins (BTC). Bill Miller explains to his investors that :

“We were particularly interested when Michael Saylor [MicroStrategy’s CEO] announced that his Bitcoin Code company would put all its money into a technology that we have long supported: Bitcoin (…). »

In fact, MicroStrategy has just acquired even more bitcoins, totalling an astounding 70,784 BTC (approximately $2.2 billion).

But why the 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 and now easily accessible market, and it has a brilliant protocol that is logically consistent with distributed governance. »

Bill Miller takes the objections to Bitcoin apart point by point.
The multimillionaire then engages in a thorough slaughter of the “objections” that can be raised against the king of cryptomonnages.

For example, to the silly argument that Bitcoin “produces nothing and therefore has no intrinsic value,” Bill Miller replies:

“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 pays no dividends, such as Berkshire Hathaway stock or the US dollar, is what buyers and sellers collectively think it is worth. With a current market capitalization of $700 billion, the buyers and owners of Bitcoin believe it is worth more than all but the six largest [500] companies in the S&P500 index. »

Likewise, to those who are worried about regulators who are starting to show their teeth all around the world, the financial analyst explains that :

“Bitcoin] has operated for 12 years with little regulatory interference, under multiple administrations. In fact, the regulatory outlook for Bitcoin in the US has never been better, which may explain why so many institutions are now getting involved. (…) The U.S. government collects taxes on Bitcoin’s capital gains and has auctioned off more than $6.5 billion at current market value (…). »

Indeed, it is hard to see a state being stupid enough to try to kill such a fiscal goose that lays golden eggs.

Feel free to read the full version of Bill Miller’s letter to see him take down the other usual Bitcoin counter-arguments. This enthusiasm also proves that the ranks of the King of Cryptomoney’s followers are growing, attracting more and more interest every day from renowned new investors and corporate executives.