Prominent hedge fund manager and philanthropist Bill Miller said large organizations could start investing more funds in Bitcoin considering the current economic situation globally. Since the global economic crisis caused by the coronavirus pandemic, the hedge fund manager has been bullish on the top digital currency.
In November last year, Miller revealed that every major bank would own Bitcoin in the near future. He also added that the BTC demand from institutional investors is rising above its supply. He said:
“The Bitcoin story is very easy. It’s supply and demand. Bitcoin’s supply is growing around 2.5% a year and the demand is growing faster than that.”
In addition, Miller released a Q4 2020 Market Letter to investors on the 5th of January. In the Market Letter, the hedge fund manager noted that Bitcoin has grown more than 50% since mid-December and has performed better than other altcoins in the last 20 years. He also mentioned that Bitcoin’s market capitalization is greater than JPMorgan and Berkshire Hathaway.
Referring to the increasing number of BTC institutional investors, Bill further noted that Microstrategy, Square, and MassMutual had acquired large amounts of the digital asset.
In addition, Bill also stated in the letter that Bitcoin has other advantages over gold.
At press time, BTC is up 5.59% to $35,320.58 and has a market cap of nearly $663 billion.
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