$BTC: legendarni vlagatelj vrednosti Bitcoin imenuje "zdrava špekulacija"

In a recent interview with Barron’s, legendary American value investor William H. Miller III shared his thoughts on crypto.

Miller je ustanovitelj, predsednik in glavni investicijski direktor investicijskega podjetja Partnerji Miller Value, kot tudi upravitelj portfelja vzajemnih skladov podjetja „Opportunity Equity“ in „Dohodkovna strategija“.

Preden sta Bill Miller in Ernie Kiehne ustanovila družbo Miller Value Partners, sta ustanovila Legg Mason Capital Management in sta kot vodja portfelja Legg Mason Capital Management Value Trust od njegove ustanovitve leta 1982.

Pomembno je poudariti, da Miller ni vaš povprečni upravitelj skladov. Kot CNBC opozoriti junija 2018 je Millerjeva petnajstletna serija (do leta 15) premagovanja is & S 2005 še vedno merilo, ki se ga noben vodja ne more dotakniti. "

V njegovem "Tržno pismo za četrto četrtletje 4” (published on 5 January 2021), Miller had this to say about Bitcoin:

"At this writing, it is trading at over $31,000, up more than 50% since the middle of December. It has outperformed all major asset classes over the past 1, 3, 5, and 10 years. Its market capitalization is greater than JP Morgan and greater than Berkshire Hathaway and yet it is still very early in its adoption cycle.

"Fed vodi politiko, katere cilj je, da naložbe v denarju v bližnji prihodnosti realno izgubijo denar. Podjetja, kot so Square, MassMutual in MicroStrategy, so denar preselila v bitcoin, namesto da bi imela zajamčene izgube na denarnih sredstvih v svoji bilanci stanja. Ocenjuje se, da samo Paypal in Square v imenu svojih kupcev kupujejo vseh 900 novih bitcoinov, ki jih dnevno kopajo.

"Na tej stopnji je Bitcoin najbolje obravnavati kot digitalno zlato, vendar ima številne prednosti pred rumeno kovino. Če se bo inflacija povečala ali pa tudi ne, in se bo več podjetij odločilo, da bo nekaj majhnega dela svojih gotovinskih sredstev razpršilo v bitcoin, namesto v gotovino, bi trenutni relativni tok v bitcoin postal hudournik. Warren Buffett je Bitcoin slavno imenoval "strup za podgane". Mogoče ima prav. Bitcoin je lahko strup za podgane, podgana pa lahko gotovina."

Glede na poročilo by The Daily Hodl, Miller told Barron’s during a recent interview:

"At the market low of 2020, Bitcoin was $5,800. Bitcoin is now $17,400. Roughly since then, the market is up 70%, and Bitcoin is up 190%. If anyone has a time horizon of longer than a year, you should do quite well in Bitcoin. I wouldn’t call that an investment. I would call it a speculation, but I would call it a sound speculation...

"I’m surprised Bitcoin isn’t at half of its current price given the FTX implosion. People have fled the space, so the fact that it’s still hanging in there at $17,000 is pretty remarkable. But inflation is being attacked and real rates are rising rapidly. I would expect that if and when the Federal Reserve begins to pivot [toward easier monetary policy], Bitcoin would do quite well."

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