By
Bena Ilyas
April 22nd, 2024
Big players in finance prove their believe in Bitcoin by purchasing the cryptocurrency.
Bitcoin has attracted the attention of some big players in the financial industry. Two prominent financial figures have shared their Bitcoin experience.
Bill Miller, a legendary investor, has admitted that Bitcoin is one of the key holdings in his $120 million hedge fund. Back in 2014, he put 1 percent of his net worth into the cryptocurrency. That was a year when Bitcoin dropped from $1,023 in January to as low as $287 in October. Now, the price is kept at $2,310 level, according to CoinMarketCap.
Last year, Bill Miller left Legg Mason after 35 years. The stock picker, mostly famed for beating the S&P 500 Index for 15 straight years, then launched Miller Value Partners.
“I was at Legg Mason for 35 years and ran the Value Trust for 30 years. This is better,” Miller said. “Here it is much more about just growing the assets and not trying to get a constant inflow of new clients and doing pitches.”
Josh Brown, CEO of Ritholtz Wealth Management and a CNBC contributor, shared his first experience with Bitcoin in a blog post.
Brown believes that Bitcoin will go mainstream if the currency manages to survive the possible developers’ dispute that could split bitcoin this year. Indeed, the cryptocurrency is endangered if the developers don’t agree on Bitcoin’s upgrade.
“I’m old enough to realize that just because I don’t see a use for something, that doesn’t mean I won’t be proven wrong by others who do. At the current moment, I don’t see the financial industry use for Bitcoin other than some marginal activities like settling commodity trades that are very far divorced from my day to day existence”, Brown says. “I understand the benefits of these things – the blockchain acting as verification that the counterparty has made payment instantly, etc. I’ve probably read all the stuff that you have. I’m skeptical.”
Experts agree that Bitcoin will grow in the coming years
John McAfee, a cybersecurity and software pioneer, predicted the incredible growth of Bitcoin price the other day. He states that Bitcoin has all chances to reach $500,000 in the next three years.
McAfee follows similar forecasts of Jeremy Liew, Peter Smith, and Ronnie Moas.
Jeremy Liew, the first investor in Snapchat, and Peter Smith, Blockchain CEO and co-founder, have recently stated that the cryptocurrency has all chances to explode to $500,000 by 2030.
Ronnie Moas, stock research analyst and founder of Standpoint Research, evaluates that Bitcoin can reach $5,000 within this year. As if to confirm his belief in cryptocurrencies, Moas has already invested a few hundred U.S. dollars each in Bitcoin, Ethereum and Litecoin and is going to invest even more.
The opinion of such reputable experts has already proved the potential of Bitcoin to push the boundaries of volatile digital asset.