Top Value Investor Bill Miller IV Says Bitcoin Is Undervalued. So How Much Higher Can Bitcoin Go This Year?
The long-term case for investing in Bitcoin has never been stronger.
Overview
With Bitcoin (CRYPTO: BTC) down 50% from its all-time highs, the decision to invest in cryptocurrency has become tremendously polarizing. Some investors have already thrown in the towel, convinced that higher returns are able to be found in sectors such as AI.
But not value investors such as Bill Miller IV, chairman and chief investment officer of Miller Value Partners. As he pointed out in a recent CNBC interview, "the fundamental case for Bitcoin has never been stronger." For crypto investors willing and able to wait out the current period of volatility, is this an invitation to buy Bitcoin?
Details
The problem, quite frankly, is that it's getting harder and harder to make the case that Bitcoin has any intrinsic value. If it's a "store of value," then why is its price collapsing? If it's a "means of exchange," then why is almost nobody using Bitcoin to make everyday purchases? If it's a long-term investment asset, then why does it produce no cash flows? The value of Bitcoin seems to be based on nothing more than investor sentiment, meaning that its value could theoretically fall all the way to zero.
Source
Originally published at www.fool.com.