Bill Miller’s fund flags potential for Bitcoin to become digital gold

Society is at an early stage of Bitcoin adoption, with its capitalization set to match gold’s overall market value. This is stated in the отчете Miller Opportunity Trust for the SEC.

In August the fund disclosed information about the purchase of 1.5 million shares of Grayscale Bitcoin Trust (GBTC) worth $44.7 million as of June 30. The instrument’s share of the fund’s total assets was 1.55%.

“Bitcoin will remain volatile. But we deem the risk-reward ratio attractive. In the future we expect Bitcoin’s capitalization to reach gold’s benchmark of $11 trillion.”, the document states.

The factor driving GBTC purchases was the observed discount of the instrument’s price to Bitcoin quotes. In May it exceeded 20%. As of writing, it stands at 13.07%.

В April 2021, Bill Miller stated that digital gold is not a bubble, and called volatility the price you pay for the advantages of the first cryptocurrency.

Earlier the billionaire described as trivial the drop in Bitcoin’s price in May.

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