Bill Miller, a well-known American investor and fund manager, said that Bitcoin is not a bubble. The American investor also termed BTC as “Digital Gold” in an interview with CNBC. The world’s largest cryptocurrency is currently trading nearly $54,500 with a market cap of approximately $1.02 trillion. Former chairman and chief investment officer of Legg Mason Capital Management highlighted the importance of the difference between the supply and demand for Bitcoin.
“BTC is a better store of value than many financial assets.”
Legg Mason further noted that Bitcoin is a better store of value than many financial assets. “There are many ways to look at Bitcoin, and 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,” Bill Miller said in the interview.
Bitcoin touched an all-time high of $64,600 on 14 April.
The price of the leading cryptocurrency bitcoin touched an all-time high of $64,600 on 14 April. Despite the latest dip, the world’s top cryptocurrency stayed above the $1 trillion market cap. Bitcoin attracted nearly $108 million worth of institutional inflows last week. Institutional interest in BTC-related investment products has surged significantly during the last six 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. Companies around the world in different fields are adding Bitcoin to their balance sheets.