Bitcoin has been touted as the digital gold in various quarters, and an investment trust now believes the cryptocurrency’s upward potential is massive.
Bitcoin Still Has A Massive Upward Potential
Bitcoin has been one of the leading financial assets in the world over the past decade, delivering thousands of percentages in profits to the early investors. The past few months have seen numerous hedge funds and other institutional investors enter the cryptocurrency market. Their entry marks a new phase for Bitcoin, and some of them believe that it has a huge upward potential.
Miller Opportunity Trust, a fund founded by billionaire investor Bill Miller, believes that Bitcoin as a digital gold still has significant upward potential. The fund discussed its recent exposure to Bitcoin and said it could seek to boost its investment over the next few years.
While talking about its decision to gain exposure to Bitcoin via the Grayscale Bitcoin Trust (GBTC), Miller Opportunity Trust said Bitcoin is the digital gold, and its potential is still massive. Gold’s market cap is over $11 trillion while Bitcoin has just around $11 trillion, with the Bill Miller fund stating that Bitcoin still has a long way to go to catch up to Gold. The firm stated that we are still early in a continuing adoption curve. It warned that Bitcoin will be volatile but it believes the risk-reward for the coin is attractive.
Bill Miller is bullish on Bitcoin, stating that there is no asset in the world that combines Bitcoin’s liquidity with its upside potential. More hedge funds and institutional investors have been entering the cryptocurrency market. Bitcoin and Ethereum are the two most sought-after cryptocurrencies as they remain the market leaders.
Bitcoin Crosses The $50k Mark
Bitcoin has been struggling below the $50k mark in recent weeks but was finally able to settle above that resistance level during the weekend. BTC is up by over 3.5% in the last 24 hours, and it is trading above $51k per coin at the moment.
If the current bullish trend continues, BTC could cross the $55k level over the next few days. Bitcoin (BTC) is closing in on its all-time high price above $64k, and some market analysts are confident it could touch the $100k level this year.