The management of the billionaire Bill Miller’s Miller Opportunity Trust believes that bitcoin has significant growth potential, since this asset can act as a digital analogue of gold.
Miller Opportunity Trust recently announced the purchase of 1.5 million shares of the Grayscale Bitcoin Trust for $ 44.7 million. A report to the US Securities and Exchange Commission (SEC) notes that the investment was made in anticipation of the asset’s growth:
“Bitcoin has been falling this quarter and the trust has traded at a significant discount to the value of the underlying asset, providing additional upside potential. We believe that Bitcoin has great growth potential as a form of “digital gold”. While gold capitalization is $ 11 trillion, bitcoin’s figure reaches only $ 900 billion, this is a significant lag. We are in the early days of Bitcoin adoption and the asset will be very volatile, but we believe the risk to reward ratio is attractive. ”
The report also emphasizes that the fund’s strategists and analysts have been monitoring the performance of bitcoin for a long time and have chosen the time for the most optimal purchase of the asset.
Back in January, Miller Value Partners founder Bill Miller said that Bitcoin is the only asset in the market with such growth potential and liquidity.