Benzinga - Bill Miller IV, the chief investment officer at Miller Value Partners, sees Bitcoin (CRYPTO: BTC) run to levels not seen since its last all-time high as the "very, very early innings of a massive capital repricing event."
What Happened: Miller said as much in a recent interview on CNBC's "Closing Bell."
Speaking about the investment of Miller Value Partners in MicroStrategy, Miller said they "absolutely love it," citing the stock as the largest holding at 14.5% with "massive runway ahead."
According to Miller, this "massive repricing event" has already seen $500 billion worth of fiat currency be converted into Bitcoin, yielding average unrealized gains of 150% for holders.
Miller praised MicroStrategy executive chairman Michael Saylor for his ability to maximize the company's Bitcoin holdings, saying "he understands basic math" and "we love it."
He concluded that it is "really, really early" for Bitcoin and "important to hold for the appreciation potential."
Why It Matters: Bill Miller IV is the son of veteran value investor William H. Miller III, who beat the S&P 500 Index from 1991 to 2005 consecutively.
Miller Value Partners' goal "to grow long-term wealth by beating the market" and its chief investment ffficer's outlook on Bitcoin can be interpreted as yet another sign of Bitcoin firmly establishing itself as a maturing asset.
This is further evidenced by record ETF inflows, which have taken BlackRock's Bitcoin holdings to over $10 billion in just under two months.
With U.S. national debt growing to record levels, analysts note there is “little wonder why debt debasement” hedges like gold and Bitcoin are surging.
The surge in Bitcoin prices has yielded MicroStrategy unrealized gains of over $6 billion, although Saylor himself has vowed to "buy the top forever."
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