Bill Miller’s Hedge Fund Sees Bitcoin Having ‘Significant Upside Potential’ as Digital Gold – Markets and Prices Bitcoin News

In a report filed with the U.S. Securities and Exchange Commission (SEC), the fund managers for the Miller Opportunity Trust, Bill Miller’s hedge fund, state that “bitcoin has important upside potential as a type of digital gold.” The report particulars that regardless of its volatility, bitcoin’s “risk-reward is enticing.”

Hedge Fund Manager Sees Bitcoin’s ‘Significant Upside Potential’

Miller Value Funds’ semi-annual report for the Miller Opportunity Trust, filed with the U.S. Securities and Exchange Commission (SEC) final week, states:

We consider bitcoin has important upside potential as a type of ‘digital gold.’

The Miller Opportunity Trust hedge fund has $2.72 billion in belongings underneath administration (AUM) as of July 31. Its portfolio managers are Bill Miller and Samantha McLemore.

“We have been observers of bitcoin for a very long time and throughout the quarter, the fund obtained approval to put money into Grayscale Bitcoin Trust (GBTC), which is an open-ended grantor belief totally invested in bitcoin,” the report particulars. “In the quarter, as bitcoin fell, the belief traded at one among its bigger reductions to its underlying holdings in bitcoin offering extra upside potential.”

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

The fund managers added, “With gold’s market capitalization better than $11 trillion, bitcoin’s present cap near $600 billion would have a protracted method to go to catch up,” elaborating:

We are early in a seamless adoption curve and bitcoin might be risky however we expect the risk-reward is enticing.

Veteran investor Bill Miller has lengthy been a bitcoin proponent. In May, when the worth of bitcoin fell from $58K degree to beneath $34K, he stated it was “fairly routine.” Miller added that the correction was “proper according to strikes we’ve got seen many instances in bitcoin.” In April, he disagreed with some analysts that bitcoin was in a bubble. Instead, he stated bitcoin was getting into the mainstream as demand grew sooner than provide.

Do you agree that bitcoin has important upside potential as digital gold? Let us know within the feedback part beneath.

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