Prominent investor Bill Miller stresses that one should add Bitcoin to the portfolio because it is an emerging asset. And people who are not investing in the leading digital currency are making a mistake.
Bitcoin Deserves Investors’ Portfolios
Miller explained in his letter to the audience on income strategy that people should take benefit of the opportunity of adding Bitcoin to their portfolios. Despite its volatile nature, the demand for flagship cryptocurrency is increasing at an exponential rate. Investors interested in holding Bitcoin for a long period are ready to face swings in the price value. Bitcoin has a track record as the best performing coin over the last eight years.
Over the last twelve years, the demand for the leading digital currency grows while the supply is decreasing. Everyone who held the top coin for a long time has earned a great return over investment. Investors who understand Bitcoin are entirely not turning their eyes away from it.
Miller wrote that no asset exists other than Bitcoin that has high potential and has high liquidity. We can say that Satoshi’s coin is still an “under-owned technology.”
The world’s top economic institutions’ data show that the world’s money was standing at $130 trillion at the end of 2020. Bitcoin constitutes only a fraction of this wealth despite its potential technology over others.
Analytics firm Glassnode has reported an entrance of new whales in the industry. According to Glassnode, 141 new wallets, containing more than 1,000 Bitcoin, were opened in the previous 21 days. Moreover, addresses having 1k BTC have touched a “new all-time high of 2,446.”
Retail traders are not getting enough profit from the top digital asset. Following the bearish blow, retail investors have sold their BTC holdings in large amounts. Institutional investors, on the other hand, are busy accumulating the leading cryptocurrency.
According to market analysts, the price value may drop to $30,000 if retail investors continue to sell BTC capital. If the value goes down, the support level at $28,000 will hedge the price from further decline.
At press time, Bitcoin is exchanging hands at $31,894 after decreasing by 4.56% over the last 24-hours. Over the weekly timeframe, the flagship cryptocurrency is down 11.08%.
Bearish sentiments are also accumulated around altcoins. For instance, Ethereum is down 1.75%, while XRP has decreased by 1% in the previous 24-hours.