Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
Miller, who holds about 50% of his net worth in Bitcoin, explained some of the reasons why he is confident in investing in the cryptocurrency.
The reputed American investor Bill Miller recently revealed some of the reasons behind his decision to keep Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. .
After long a situation where you buy a cryptocurrency with the expectation of selling it at a higher price for profit later. speaking out in favor of the leading cryptocurrency, Miller admitted earlier this year that half of his personal portfolio a collection of cryptocurrencies or crypto assets held by an investment company, hedge fund, financial institution or individual. is in Bitcoin . Él ahora ha señalado en una entrevista reciente que tener Bitcoin is like having an insurance policy to cover potential financial disasters.
Miller bets big on Bitcoin
Miller, who has described Bitcoin as the new digital digital technologies are these electronic tools that have the ability to generate, store or even process data. gold, revealed to CNBC this week that he has been buying the asset for some time, although he denied reports that he had placed 50 percent of his net worth in Bitcoin .
The billionaire explained that, after the price hike in November 2021, the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. funds had reached half of their net worth . However, after the most recent price drop, that percentage has decreased.
Miller had already admitted in January that acquired some of his bitcoins at a price close refers to the closing price; similar to the same term used in stock trading. to USD $30,000, and assured on Wednesday that, despite the correction, Bitcoin still represents a “ very large position “from your personal portfolio.
As reported by DiarioBitcoin The cryptocurrency market an area or arena, online or offline, in which commercial dealings are conducted. has seen a significant price pullback that has seen BTC go from a record high near USD $70,000 to less than USD $45,000 in a couple of months. As of press time, the crypto is trading around USD $44,000.
“It’s like insurance against financial catastrophe.”
During this week’s interview, Miller said that he agreed with the argument that Bitcoin has no intrinsic value; but, unlike some critics, he defended this idea as positive for the asset.
The legendary investor, who runs his own investment firm Miller Value Partners He compared the flagship cryptocurrency to high-value collectibles, as a ” baseball card by Honus Wagner or a painting by Picasso “.
While he admitted that part of the attraction behind Bitcoin is its underlying technology base, he said its intrinsic value, similar to collectible assets, is in what people consider valuable and the reasons why they believe that should be part of their portfolio. “ It’s like an insurance policy “Miller continued by way of comparison.
Insurance policies have no intrinsic value. In fact, you want them to have no intrinsic value. You don’t want your house to burn down or have a terrible accident, but you pay for insurance every year in case that happens.
“ Bitcoin is insurance against a financial catastrophe like we see in Lebanon, or in Afghanistan, or in many of these other countries where we saw (that) at the time of the pandemic. “he added. Miller possibly sees this feature as one of the main benefits of cryptocurrency, and it is one of the reasons why he has bet big on it.
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Institutional adoption is a bullish sign
Lastly, the investor and former president of Legg Mason Capital capital is most commonly defined as the large sum of money you would use to invest. Management Value Trust a trust is a fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary. also made mention of the recent acquisition of Bitcoin y Ethereum a decentralized open-source blockchain with smart contracts functionality. by the Canadian audit an audit is a process where developers inspect the underlying code and/or algorithm that compose systems and applications. services company, KPMG . As reported by DiarioBitcoin the 150 year old firm announced this week that it was allocating funds from both cryptos to your balance sheet although he did not disclose the exact figure.
Miller called the move a KPMG as potentially bullish for the cryptocurrency market, as it has already that the accounting firm is committed to various types of companies. It also projects that more and more companies will follow this investment strategy this year and beyond.
I think you’ll see a lot of adoption this year among foundations, endowments and institutions, and that will continue.
- Billionaire investor Bill Miller says Bitcoin is established, “all the big banks are getting involved”
- Billionaire Jeff Gundlach advises against buying Bitcoin at current prices
- Two experts, Arthur Hayes and Raoul Pal, predict 2022 will be a better crypto year and give advice to investors
Article versioned by Hannah Estefania Perez / DiarioBitcoin
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