Speaking to CNBC, famous investor Bill Miller IV predicted that there will be a significant capital repricing event in the cryptocurrency market and expressed his determined bullishness towards Bitcoin.
Miller, known for his successful investment strategies, said Bitcoin has significant growth potential and an important role in the evolving financial environment.
During the interview, Miller underlined that Bitcoin is on a very rapid rise, more than doubling in value since mid-January. He also emphasized his confidence in the future of BTC, noting that MicroStrategy plays a leverage role on Bitcoin.
Miller argued that Bitcoin still has significant upside potential and that its current position represents only the early stages of a capital repricing phenomenon. Miller specifically noted the shift to digital capital pricing, which marks a paradigm shift in the valuation of assets.
Referring to Bitcoin's realized capitalization, Miller explained its importance in measuring investor sentiment and announced that a significant amount of fiat currency amounting to $500 billion has been converted into Bitcoin. Despite this significant influx, Miller said Bitcoin's market penetration remains relatively low compared to total capital available, leaving ample room for further growth.
Miller also argued that the halving event, which will take place in April, could be a catalyst for Bitcoin's upward trajectory.
*This is not investment advice.