Bill Millers Hedge Fund sees Bitcoin as a digital gold considerable upward potential - markets and prices Bitcoin News
Bill Millers Hedge Fund sees Bitcoin as a digital gold considerable upward potential - markets and prices Bitcoin News
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In a report submitted to the US Securities and Exchange Commission (SEC), the fund managers of the Miller Oppunity Trust, Bill Millers Hedgefonds, find that "Bitcoin has a considerable upward potential as a form of digital gold". The report describes that despite its volatility, Bitcoin's “risk yield ratio” is attractive.
hedge fund manager sees "considerable upward potential" by Bitcoin
The half-year report by Miller Value Funds for the Miller Opportunity Trust, which was submitted to the US IPO Supervisory Authority SEC last week, states:
We believe that Bitcoin has a considerable upward potential as a form of "digital gold".
The hedge fund Miller Opportunity Trust managed an administrated assets (AUM) of $ 2.72 billion on July 31. His portfolio managers are Bill Miller and Samantha McLemore.
"We have long been observers of Bitcoin and in the course of the quarter the fund received approval to invest in Grayscale Bitcoin Trust (GBTC), an indefinite Grantor Trust, who is completely invested in Bitcoin," the report said. "In the quarter, when Bitcoin fell, the trust was traded with one of his larger discounts on his underlying Bitcoin stocks, which offers additional upward potential."
June the fund holds 1.5 million shares of the Grayscale Bitcoin Trust (GBTC) worth $ 44,715,000, as the report submitted to the Sec shows.
The fund managers added: "With a market capitalization of more than $ 11 trillion, Bitcoin's current upper limit of almost $ 600 billion would have a long way to catch up," explained the fund managers:
We are at the beginning of a continued acceptance curve and Bitcoin will be volatile, but we consider the risk return ratio to be attractive.
The experienced investor Bill Miller has long been a Bitcoin supporter. In May, when the Bitcoin price fell from USD 54,000, he said that it was " pretty much Routinated . " Miller added that the correction "corresponds exactly to the movements that we have often seen at Bitcoin". In April he contradicted some analysts that Bitcoin was in a bladder. Instead, he said that Bitcoin in the Demand grew faster than the supply.
Do you agree that Bitcoin as a digital gold has a considerable upward potential? Let us know in the comment area below.
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