- Bill Miller made a bullish case for Bitcoin at the virtual Forbes/SHOOK Top Advisor Summit in Las Vegas.
- The investor’s company Miller Value Partners has $3.6 billion in AUM.
Legendary value investor Bill Miller is maintaining his bullish stance on Bitcoin. Miller doubled down on his bullish outlook for Bitcoin while speaking in a virtual interview with the managing director of Morgan Stanley Private Wealth Management, Marvin McIntyre. The discussion was held as part of the Forbes/SHOOK Top Advisor Summit in Las Vegas.
Bill Miller: A Bitcoin bull
In the conversation with McIntyre, Miller compared gold to hearse and buggy and Bitcoin to a Ferrari. That was his response to JPMorgan CEO Jamie Dimon’s sentiments on BTC. Miller also responded to the ongoing Bitcoin crackdown in China. In addition, the value investor replied to the headwind facing the crypto industry from regulators in the US.
Millers served as the principal portfolio manager of the Legg Mason Capital Management Value Trust for decades. And he is known to beat the S&P 500 annually for about 14 years. The American investor beat S&P 500 from 1991 to 2005. The famous investor chairs Miller Value Partners, which has $3.5 billion in assets under management (AUM).
Miller’s firm put a 5 percent investment in BTC back in 2017, making the company one of the early adopters of the top cryptocurrency. According to the investor, his initial cost per coin was around $200. However, the price has increased to about $800. Miller also revealed that his latest Bitcoin buy was last spring when BTC declined about 50 percent. At the time, the value of Bitcoin plunged from around $60,000 to about $30,000.
A Bitcoin bull, Miller said during the interview that he purchased some of the popular cryptocurrency earlier in the day before the conversation.
JPMorgan CEO: A Bitcoin bear
It is no news that Dimon is not a Bitcoin fan. He has continually made bearish statements on the top cryptocurrency. In a recent interview on the 4th of October, Dimon said BTC has no intrinsic value and that regulators will regulate “the hell out of it.” He emphasized:
You can call it a security or an asset or something like that, but if people are using it for tax avoidance and sex trafficking and ransomware, it’s going to be regulated, whether you like it or not.
Furthermore, the CEO referred to the China ban on BTC. He said that he always believes that the crypto will be tagged illegal someplace.
Apart from JPMorgan CEO who called Bitcoin a fraud in 2017, European Central Bank (ECB) president Christine Lagarde and other prominent names have also asserted their anti-Bitcoin stances. On several occasions, Lagarde has noted that Bitcoin has no intrinsic value. Similarly, Bank of England Governor Andrew Bailey and Federal Reserve Chairman Jerome Powell agreed that the crypto has no intrinsic value.
Although Dimon is uninterested in Bitcoin, he stated that JPMorgan’s clients care about Bitcoin. As such, JPMorgan has a Bitcoin fund for private clients.