Former President and CIO of Legg Mason Capital Management – Bill Miller – has once again shared his support for the underlying cryptocurrency by likening it to Ferrari. On the other hand, he described gold as obsolete by comparing it to “a horse and buggy”.
BTC is better than gold
American investor, fund manager and philanthropist Bill Miller has put his name among those who believe that leading digital assets are a better store of value than gold. In a recent interview with Forbes, he said that Bitcoin has the characteristics of a Ferrari luxury sports car. On the contrary, Miller added, the precious metal represents antiquity or “horse and buggy”.
Thus, he joined with Michael Saylor, Mark Cuban, Anthony Scaramucci, and others – all of whom asserted that Bitcoin outperforms gold due to its known cap and digital presence.
Miller is no newbie to cryptocurrency. Although he has been skeptical about BTC in the past, he has been supportive of the asset lately, especially after the global economic hurdles caused by the COVID-19 pandemic.
At the beginning of 2021, the famous American philanthropist Warren Buffett, who compared Bitcoin to “rat poison” was opposed:
“Warren Buffett is famous for calling bitcoin ‘rat poison.’ He may be right. Bitcoin can be rat poison, and a rat can be money.”
His attitude toward bitcoin has not changed even when its price started falling earlier this year. In May, he clarified that the cryptocurrency is safe, and that investors should see it as a more enticing option because its value is lower:
“If I like something at higher prices, this is a safe bet and I will like it more at lower prices.”
BTC is also like Ducati Panigale
This is not the first time that a prominent investor has compared the underlying cryptocurrency to a quick tool. Last month, Ronald-Peter Stoverley saw that the value of the US dollar for bitcoin would rise very quickly, with unimaginable temporary degrees in the next decade. However, he believes he will never flip gold, praising the precious metal as the safest financial instrument.
As such, he made a compelling case that gold works as a safe Volvo, which can comfortably take you from point A to point B. More dangerous:
“And once it rains or snows, it becomes really risky. You just have to choose whether you can handle the volatility of Bitcoin.”
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