With all that said, Miller comes to a conclusion that Bitcoin’s $1.5 trillion market cap is just a small fraction of a percent of its total addressable market.
Blockchain-based accounting is “far superior” to all fiat alternatives, the investor added.
These revelations come as no surprise.
Miller has been one of Bitcoin’s most vocal high-net-worth proponents for many years.
Back in 2015 - when Bitcoin was far from the popularity it has now - Miller Value Partners published “A Value Investor’s Case For Bitcoin.” In this publication Miller stated that Bitcoin “could have enormous upside if it catches on” as a store of value similar to gold.
Also Miller was one of the first influencers who claimed Bitcoin could go as far as to $314,000 per coin.
It seems bold even now, when we are stuck with BTC price below $70,000 for weeks. What can we say about the times when one Bitcoin could change hands for $500?
“Humans are notoriously bad at contextualizing the relevance and potential of new technologies,” Miller said back then.
Anyone who is even vaguely familiar with Miller's bio could agree the man has a talent. When he was a beginning investor, his portfolio outperformed the stock market for fifteen straight years - from 1991 to 2005. He literally became a legend after buying Amazon stocks in 1997. Those bad boys skyrocketed over 205,000% since.
Alexey Bondarev is the Head of Content at Yellow.com, having reported on crypto for the last 10 years. He specializes in in-depth Research and Learn pieces, with a focus on analytical reporting, industry context, and the bigger forces shaping crypto, from the AI era and security technologies to fintech innovation. He believes that everything digital will imminently overcome everything analogue and is working hard to make that come true.
