Bitcoin Is The Ferrari And Gold Is The Horse And Buggy, According To Bill Miller

Legendary value investor Bill Miller remains bullish on Bitcoin (CRYPTO: BTC) and continues to add to his position.

What Happened: Speaking in a virtual interview at the Forbes/SHOOK Top Advisor Summit, Miller told Morgan Stanley’s Marvin McIntyre that Bitcoin is like a Ferrari, while gold can be compared to the horse and buggy.

In likening the leading digital asset to a new-age luxury car, the 71-year-old chairman of Miller Value Partners has taken an entirely different stance than some of his peers.

Last week, JPMorgan Chase & Co. (NYSE: JPM) CEO Jamie Dimon said Bitcoin could be 10 times its value in the next five years, but he still wouldn’t buy it.

“I am not a buyer of bitcoin. I think if you borrow money to buy bitcoin, you’re a fool,” said Dimon.

See Also: Is Bitcoin a good investment in 2021?

Why It's Important: Unlike Dimon, Miller has been buying Bitcoin since 2017 for prices as low as $200 per coin. His investment firm started with a 5% allocation to the market-leading cryptocurrency but proceeded to increase investments over the years.

According to Miller, his latest major buy took place in May when the price of Bitcoin crashed from ahead of $60,000 to the $30,000 range.

As per the most recent filings, the Miller Opportunity Trust owns 1.5 million shares in the Grayscale Bitcoin Trust (OTC: GBTC), which amounted to $45 million at the time of writing.

Miller told the conference attendees he had even bought more Bitcoin earlier in the day, prior to speaking at the conference. The investor also revealed positions in stocks he believes to be “undervalued” at the moment.

These include cookware manufacturer Tupperware Brands Corporation (NYSE: TUP), digital car sales company Vroom Inc (NASDAQ: VRM), drug manufacturer Teva Pharmaceutical Industries Limited (NYSE: TEVA), and automotive manufacturer General Motors Co. (NYSE: GM).

Price Action: At press time, Bitcoin was trading around $51,400, gaining 2.4% over 24 hours.

Photo: Brandon Atchison on Unsplash