The Pomp Podcast #1285 Bill Miller IV | Bitcoin Will Dominate Wall Street In 2024
24 snips
Dec 18, 2023 Bill Miller IV, Portfolio Manager at Miller Value Partners, discusses the bitcoin market, ETFs, regulation, halving, stablecoins, and a non-bitcoin yield focus fund. They also talk about the importance of state planning, risks and opportunities of investing in bitcoin, Bitcoin ETFs and the market impact, the Miller family's approach to concentration in investments, and building a platform for active management and outperforming the markets.
AI Snips
Chapters
Transcript
Episode notes
Bitcoin Adoption Reduces Risk
- Traditional financial investors often own Bitcoin personally but hesitate professionally due to fear and risk concerns.
- As Bitcoin's price rises and adoption grows, its perceived risk decreases, encouraging more ownership.
Bitcoin Mining's Tough Business
- Bitcoin miners provide a critical service but operate in a capital-intensive, competitive business with declining subsidies.
- While miners act like leveraged Bitcoin, their business challenges make long-term investments risky.
Bitcoin as Unit Precedes Medium
- Limited supply assets will eventually be priced in Bitcoin, while everyday transactions use local currencies or stablecoins.
- Bitcoin's evolution from store of value to medium of exchange is a decades-long process hinging on pricing adoption.