Bill Miller, a well-known American investor and fund manager, said that Bitcoin is not a bubble. He also termed BTC as ‘Digital Gold’ during his latest interview with CNBC. The world’s largest digital currency is currently trading nearly $54,500 with a market cap of approximately $1.02 trillion.
The former Chairman and Chief Investment Officer of Legg Mason Capital Management highlighted the significant difference between the supply and demand for Bitcoin. Miller said that BTC is a better store of value than many financial assets.
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“There are many ways to look at Bitcoin, the simple way is just supply and demand. BTC’s supply is growing at 2% a year and demand is growing faster. Bitcoin is not in a bubble at all, I think it’s the beginning of mainstreaming BTC. In my opinion, it’s like digital gold and BTC is a much better version of a store of value than physical gold. Bitcoin will be the dominant technology in the category of cryptocurrency assets,” Miller told CNBC.
BTC touched an all-time high of $64,600 on 14 April. Despite the latest dip, the world’s most valuable digital currency stayed above the $1 trillion market cap.
Bitcoin’s Institutional Inflows
According to the latest report published by CoinShares, Bitcoin attracted nearly $108 million worth of institutional inflows last week. Institutional interest in BTC-related investment products has surged significantly over the last 6 months. Grayscale, the world’s largest digital asset manager, currently has more than 650,000 BTC under management with a total value of approximately $35 billion. Several companies around the world are adding Bitcoin to their balance sheets. During the last few days, WeWork and TIME Magazine announced the acceptance of Bitcoin as a payment method and mentioned that the companies will add BTC to their balance sheets.
Asian technology firm, Meitu and business intelligence giant, MicroStrategy recently expanded their Bitcoin holdings with the accumulation of $10 million and $15 million worth of BTC, respectively.