According to the legendary investor, in the future, the first public crypto exchange will outstrip Tesla in market value.
Legendary investor Bill Miller predicted that the capitalization of the first public cryptocurrency exchange Coinbase will exceed $ 1 trillion, Business Insider reports .
According to the investor, the trading platform will outperform the Tesla automaker in terms of market valuation. Miller is confident that the automotive industry has no serious prospects, while the crypto industry is a sector of explosive growth.
In April 2021, Coinbase became the world’s first public crypto exchange – it was listed on the NASDAQ (no IPO). At the peak, the value of the company’s shares reached $ 429.5 per share, then they began to fall in price.
As of October 12, on the premarket, the securities quotation of the first public crypto exchange is $ 256 per share. Coinbase capitalization is $ 54.1 billion. The market value of Tesla, according to NASDAQ, where it is traded, is $ 793 billion.
In July, Miller named bitcoin as the best asset for inflation protection. Also, the investor agrees with the opinion that bitcoin is digital gold, since cryptocurrency is more convenient to use any precious metal.
Bill Miller says #Bitcoin is like digital gold…and while demand is booming, the price is volatility@KellyCNBC @CNBC #BTC #crypto pic.twitter.com/FIqJBHsW1f
— The Exchange (@CNBCTheExchange) April 20, 2021
In 2019, Bill Miller Miller Value Partners fund became one of the best in hedge fund history, with a return of 119%.
The investor started buying bitcoin a few years ago, when they cost $ 300 per coin. A significant part of the fund’s capital was earned precisely on the growth of the value of the first cryptocurrency.
***Bill Miller Compares Gold And Bitcoin To A Horse And A Ferrari
