Bitcoin like digital gold has significant upside potential: Miller Opportunity Trust

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Bitcoin has been touted as digital gold in various circles, and an investment trust now believes the potential for cryptocurrency to rise is huge.

Bitcoin still has huge upside potential

Bitcoin has been one of the world’s leading financial assets for the past decade, delivering thousands of profit percentages to early investors. Over the past few months, many hedge funds and other institutional investors have entered the cryptocurrency market. Their entry marks a new phase for Bitcoin, and some of them believe it has huge upside potential.

Miller Opportunity Trust, a fund founded by billionaire investor Bill Miller, believes that Bitcoin as digital gold still has significant upside potential. The fund discussed its recent exposure to Bitcoin and said it may look to increase its investment over the next few years.

While speaking about his decision to gain exposure to Bitcoin through the Grayscale Bitcoin Trust (GBTC), Miller Opportunity Trust said that Bitcoin is digital gold and its potential is still huge. Gold’s market cap exceeds $ 11 trillion while Bitcoin only has around $ 11 trillion, with the Bill Miller fund saying Bitcoin still has a long way to go to catch up with gold. The company said we are still at the start of a continuous adoption curve. He warned that Bitcoin will be volatile, but he thinks the coin’s risk-reward is attractive.

Bill Miller is bullish on Bitcoin, saying there is no asset in the world that combines Bitcoin liquidity with its upside potential. More and more hedge funds and institutional investors have entered the cryptocurrency market. Bitcoin and Ethereum are the two most sought-after cryptocurrencies as they remain the market leaders.

Bitcoin crosses the $ 50,000 mark

Bitcoin has struggled below $ 50,000 in recent weeks, but was finally able to settle above that resistance level over the weekend. BTC has risen over 3.5% in the past 24 hours and is currently trading at over $ 51,000 per coin.

The story continues

BTC / USD chart. Source: FXEMPIRE

If the current uptrend continues, BTC could break through the $ 55,000 level in the next few days. Bitcoin (BTC) is approaching its all-time high above $ 64,000, and some market analysts are confident it could hit the $ 100,000 level this year.

This article originally appeared on FX Empire

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