Legendary billionaire and philanthropist Bill Miller says that Bitcoin is still in the early hours of a long adoption cycle.
In an interview at the Texas A&M Bitcoin Conference, the famed value investor says that Bitcoin solves centuries-old problems with the traditional money system.
“The problem it solves is how do you safeguard a portion of your assets from the vagaries of the financial system an especially a system which is monopolized by governments and those monopolies have a way of behaving in ways that are in their own personal interest and not necessarily…in the interest of the citizens.”
The chairman of Miller Value Partners asserts that Bitcoin is “following the same adoption cycle that all the great technological innovations have had,” like the printing press, the steam engine, and railroads. He also notes that out of all the high-profile technology investors that could own Bitcoin, a very small percentage actually do, indicating much more upside for the flagship crypto asset.
“Observing what’s happened with Bitcoin, I bet you wouldn’t find 5% of them that own Bitcoin… So it’s extraordinary early in the adoption cycle with Bitcoin.”
Miller sees Bitcoin’s unique scarcity as something that could propel the world’s leading crypto asset to exponential heights.
“It’s the only economic unit that I’m aware of that is both infinitely divisible and instantly transportable, where the supply is completely separate from the demand. No matter what the demand is for Bitcoin the supply is 21 million. There’s an estimated 47 million millionaires in the world and so if each millionaire wanted one Bitcoin he or she couldn’t have it. They’d have to settle for something less.”
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