09 Sep Digital gold is seen as a significant upside potential Bitcoin by Bill Miller’s hedge fund
“Bitcoin has significant upside potential as a form of digital gold,” according to a report filed with the U.S. Securities and Exchange Commission (SEC). According to the report, despite bitcoin’s volatility, the “risk-reward ratio is appealing.” Bill Miller Investor News
Hedge fund manager sees’significant upside potential’ in bitcoin
In its semi-annual report to the Securities and Exchange Commission (SEC), Miller Value Funds for the Miller Opportunity Trust states:
”Digital gold’ has a lot of upside potential for bitcoin, according to us.”
At the end of July, the Miller Opportunity Trust hedge fund managed $2.72 billion in assets. Bill Miller and Samantha McLemore are its portfolio managers.
Grayscale Bitcoin Trust (GBTC) is an open-ended grantor trust that is fully invested in bitcoin, according to the report. This quarter, the trust traded at one of its largest discounts to its bitcoin holdings, providing additional upside potential as bitcoin fell during the quarter.
On June 20, the fund held 1.5 million shares of Grayscale Bitcoin Trust (GBTC) worth $44,715,000, according to a report filed with the Securities and Exchange Commission (SEC).
This is because gold’s market capitalization is more than $11 trillion, and bitcoin’s market capitalization, which is currently at just over $600 billion, is far behind.
Our adoption curve has only just begun, so bitcoin will be volatile, but we believe the risk-reward is favourable.
Investment guru Bill Miller has been a bitcoin advocate for years. According to him, when the price of bitcoin dropped from $58K to below $34K in May, he said it was “pretty routine.” It was “right in line with moves we’ve seen many times in bitcoin,” Miller said. Bill Miller Investor News
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