Is Bitcoin undervalued?
Well, billionaire investor Bill Miller IV seems to think so…
For those not familiar with Miller, he’s the CIO and Chairman at Miller Value Partners.
And he’s been accumulating Bitcoin for over a decade, even publishing a blog post titled “A Value Investor’s Case for… Bitcoin?!” back in 2015 when Bitcoin was just ~$230.
But recently, Miller published another blog post titled “Why I’m Still Betting on Bitcoin”.
Let’s see what he has to say.
Miller starts the blog post with the following:
“I believe Bitcoin today is still significantly undervalued and that the world is likely in the early stages of a secular shift around how humans think about capital and its governance.”
Miller then explains that humans are notoriously bad at understanding the potential of new technologies.
“This gap is especially wide for groundbreaking concepts of an epistemic nature – that is, inventions that change the way we think about and relate to information and each other. It also explains why NVIDIA, Google and Meta have generated outsized returns relative to other stocks.”
And Bitcoin is unlike anything we’ve ever seen before:
“The promise of Bitcoin is simple – namely, that changes in someone’s purchasing power should not be controlled by an authority tied to the circumstances of one’s birth.”
Now, I know you guys want a price prediction, but unfortunately -Miller didn’t give any price predictions in this blog post.
But he did say the following:
“My view is that it’s many multiples of its current $1.5 trillion market capitalization in a world of fiat governance systems fast approaching one quadrillion dollars of capital.”
Bitcoin still only represents a fraction of the worlds total capital…
Bill closed out the blog post with this powerful message:
“I believe that continuing to ignore Bitcoin will serve those who do it over the next decade as well as it has over the past one – not well.”
It’s still early
What do you guys think?
Yeah I think it’s undervalued and we’re still early to a degree although the clocks ticking and the big banks are accumulating.
And I’m into the ‘power law’ stuff so I’m not worried about price at all.
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