Bill Miller emphasized how ancient gold compares to Bitcoin
During the Forbes/Shook Top Advisor Summit, investment legend Bill Miller threw his weight on the narrative about replacing bitcoin with gold.
The former CIO of Legg Mason has compared the largest cryptocurrency to a Ferrari, while the yellow metal reminds him of the days of the horse and buggy.
Last June, before the epic rise of Bitcoin, he described the largest cryptocurrency as “turbocharged gold.”
Miller was one of the first to embrace bitcoin on Wall Street in 2014. His conviction paid off: After losing 90 percent of his net worth during the global financial crisis in the late 2000s, he regained his billionaire status with the help of bitcoin and Amazon.
As reported by U.Today, the Miller Opportunity Trust, the investor’s mutual fund, reported holding 1.5 million shares in the Grayscale Bitcoin Trust in late September.
Earlier today, Bitcoin came close to reclaiming the $50,000 level before pulling back slightly.
While some have criticized gold for being outdated and old-fashioned, others see it as the greatest virtue.
Ray Dalio, CEO of Bridgewater Associates, prefers the shiny metal to Bitcoin because the former has served as a store of value for thousands of years.
