Bitcoin can reach one-third of gold market capitalization i.e. $3.6 trillion according to billionaire investor, fund manager, and philanthropist Bill Miller. Bitcoin is interesting while altcoins are worthless as per him who believes the limited supply of Bitcoin can take its price higher in the future.
Bitcoin is limited, this can skyrocket its prices
Bitcoin is currently trading above $8,204 while being up by 3.35 percent. The world’s number one cryptocurrency is enjoying the gains since past two weeks except for yesterday when prices took a hit. Analysts and experts all are predicting the prices to reach new heights as the bull rally gets into full effect.
Now, the Bitcoin enthusiast and investor, Bill Miller in an interview with Bloomberg stated that Bitcoin is an interesting cryptocurrency that could grow in a number of ways and even reach one-third of the gold market capitalization.
The hedge fund manager and philanthropist has invested about a billion dollar in Bitcoin over the past few years. Talking about making such an investment, he said
“It is an interesting technological experiment, that we don’t know how it is going to come out. Right now, at $7,800 or wherever it is today, is much less risky than when it was at $100, for the reason that every day that it doesn’t blow up, go to zero, or get regulated out of existence, is that more money is going to flow into the ecosystem.”
He further pointed out the Bitcoin scarcity as there are only a total of 17 million Bitcoin in circulation in comparison to the 25 million millionaires worldwide. If every millionaire was to acquire one bitcoin each, the price of bitcoin would rise exponentially.
The limited availability of bitcoin is one of the most integral and important factors to its price that can drive them higher in the future.
Bitcoin can reach $3.6 trillion market capitalization
Miller is extremely favorable to bitcoin but completely in opposition of altcoins as he said they are just worthless. According to him, Bitcoin is one of the most stable assets in the current crypto market.
However, he did mention that Ethereum closely follows bitcoin, the cryptocurrency with the highest market capitalization.
According to him, Bitcoin can very easily become a direct alternative to gold as a “non-correlated asset that is most similar to gold”. He believes it can be easily transported and utilized in the retail environments.
In the future, it can also be acquired by central banks as well as traditional institutions as any other asset that could skyrocket its prices. He also notes that Bitcoin can reach a point where it captures one-third of gold market capitalization which is about $7.8 trillion. This means Bitcoin can reach a market capitalization of about $3.6 trillion.
The sixty-eight-year-old investor believes the investment in the crypto market should be treated as a positive expectation lottery ticket that can multiply anywhere between 10 to 50 percent in a few years.
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