As Bitcoin (BTC) hit a new all-time high above $35,500 earlier today, Wall Street veterans are making bullish predictions for the world’s largest cryptocurrency. Bill Miller of Miller Value Partners LLC predicts corporate money coming into Bitcoin (BTC) very soon.
In his blog post published on Tuesday, January 5, accessed by Bloomberg, Miller encourages corporate treasurers to leverage Bitcoin (BTC) for diversification. He states:
“If inflation picks up, or even if it doesn’t, and more companies decide to diversify some small portion of their cash balances into Bitcoin instead of cash, then the current relative trickle into Bitcoin would become a torrent”.
Interestingly, Miller also took a jibe at investing guru Warren Buffett who once called Bitcoin “rat poison”. Speaking about it, Miller writes: “Warren Buffett famously called Bitcoin ‘rat poison’. He may well be right. Bitcoin could be rat poison, and the rat could be cash.”
Note that Miller is not the first one to predict corporate treasuries getting exposed to Bitcoin. Previously, MicroStrategy’s Micahel Saylor had predicted the same. Saylor whose company has invested nearly $1.2 in Bitcoin in 2020 said that if giants like Apple, Microsoft, Google, Tesla, and others expose even a minor part of their treasuries to Bitcoin (BTC), it can lead to a wild bull run.
In fact, when Tesla’s Elon Musk showed interest in how such large sums can be transferred to Bitcoin (BTC), Saylor that he would be happy to share his blueprint.
BTC price Targets for 2021
A large number of Bitcoin evangelists and industry veterans remain bullish for the BTC price in 2021. Recently, Bitcoin evangelist Max Keiser said that BTC can touch $220,000 based on its blockchain’s hash-rate adjustments.
Also, JPMorgan recently predicted the BTC price to touch $146,000 in the long-term. Skybridge founder Anthony Scaramucci who recently launched a new Bitcoin Fund pledging $25 million initial capital said that Bitcoin will soon be the new gold in coming times. As big players continue to join the Bitcoin bandwagon, the BTC supply shortage is intensifying further every passing day.
Bitcoin bull and author of Stock-to-Flow model PlanB noted that BTC’s correlation with the S&P 500 implies that its price should be around $60K.
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Source: Bill Miller: Money Coming From Corporate Treasuries Could Lead to Bitcoin ‘Torrent’