Society is in the early stages of Bitcoin adoption, which will have to equal the total market value of gold in terms of capitalization. That is stated in the report of the Miller Opportunity Trust for the SEC.
In August, the fund disclosed information about the acquisition of 1.5 million shares of the Grayscale Bitcoin Trust (GBTC) worth $ 44.7 million as of June 30. The share of the instrument in the total assets of the fund was 1.55%.
“Bitcoin will remain volatile. But we find the risk-reward ratio attractive. In the future, we expect that the capitalization of the first cryptocurrency of $ 600 billion will reach the values of the gold indicator of $ 11 trillion, ”the document says.
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The factor for buying GBTC was the observed discount in the price of the instrument to the bitcoin quotes. In May, it exceeded 20%. At the time of writing, it is 13.07%.
In April 2021, Bill Miller declared that digital gold was not a bubble and called volatility a price to pay for the benefits of the first cryptocurrency.
Earlier, the billionaire also called the collapse of the price of bitcoin in May a trifle.