Fund Manager and founder of Miller Value Partners, Bill Miller says holding bitcoin is better than holding cash because the digital asset is immune to the bad policies of the U.S. Federal Reserve. Writing in the 2020 Q4 Market Letter, Miller explains that some companies are already converting to bitcoin in order to avoid incurring the “guaranteed losses” of holding cash.
Bitcoin Beats Berkshire Hathaway
In his brief focus on the top crypto, the fund manager starts by noting how bitcoin “has outperformed all major asset classes” after the digital asset went “up more than 50% since the middle of December.” Miller then reminds his audience of the fact that the digital asset’s market capitalization now surpasses that of Jamie Dimon’s JP Morgan or Warren Buffet’s Berkshire Hathaway.
At the time of writing, data shows that the market capitalization for JP Morgan and Berkshire Hathaway stood at $400 billion and $540 billion respectively. On the other hand, bitcoin,