Bill Miller’s hedge fund considers bitcoin to have ‘significant upside potential’ as digital gold – markets and prices bitcoin planet

[ad_1]

In a report filed with the U.S. Securities and Exchange Commission (SEC), fund managers at Miller Opportunity Trust, Bill Miller’s hedge fund, say “bitcoin has significant upside potential as a form digital gold “. The report states that despite its volatility, “risk-reward is attractive”.

Hedge fund manager sees Bitcoin’s ‘significant upside potential’

The Miller Value Funds Semi-Annual Report for the Miller Opportunity Trust, filed with the United States Securities and Exchange Commission (SEC) last week, states:

We believe that bitcoin has significant upside potential as a form of “digital gold”.

Miller Opportunity Trust hedge fund had $ 2.72 billion in assets under management (AUM) as of July 31. Its portfolio managers are Bill Miller and Samantha McLemore.

“We have been bitcoin watchers for a long time and during the quarter the fund received approval to invest in Grayscale Bitcoin Trust (GBTC), which is an open-ended grantor trust fully invested in bitcoin,” details The report. “During the quarter, as bitcoin declined, the trust traded at one of its largest discounts against its underlying bitcoin holdings, offering further upside potential.”

As of June 20, the fund holds 1.5 million shares of Grayscale Bitcoin Trust (GBTC) valued at $ 44,715,000, according to the report filed with the SEC.

The fund managers added: “With a gold market cap of over $ 11 trillion, bitcoin’s current cap, close to $ 600 billion, would have a long way to go to catch up,” adding :

We are at the start of a continuous adoption curve and bitcoin will be volatile, but we think the risk / reward is attractive.

Veteran investor Bill Miller has long been a supporter of bitcoin. In May, when the price of bitcoin fell from $ 58,000 to under $ 34,000, he said it was “pretty routine.” Miller added that the correction was “very much in line with the moves we’ve seen repeatedly in bitcoin.” In April, he disagreed with some analysts that bitcoin was in a bubble. Instead, he said bitcoin was entering the mainstream because demand grew faster than supply.

Do you agree that bitcoin has significant upside potential as digital gold? Let us know in the comments section below.

Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, nor a recommendation or endorsement of any product, service or business. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

[ad_2]