- Value investor Bill Miller praised Bitcoin in a market letter on Thursday.
- The Miller Value Partners chief and former Legg Mason boss invoked Warren Buffett’s scathing criticism of the cryptocurrency to underscore the threat of inflation to those holding dollars.
- “Warren Buffett famously called Bitcoin ‘rat poison,'” Miller said. “He may well be right. Bitcoin could be rat poison, and the rat could be cash.”
- Buffett has repeatedly highlighted inflation as a downside to holding cash, and stated that he prefers to own productive assets such as businesses.
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Veteran investor Bill Miller trumpeted Bitcoin’s rich prospects in a blog post this week, repurposing Warren Buffett’s dismissal of the cryptocurrency as “rat poison” to underscore his own faith in it.
The Miller Value Partners boss and former Legg Mason investment chief pointed out that Bitcoin has outperformed all major asset classes in recent years. The digital coin currently boasts a bigger market capitalization than Buffett’s Berkshire Hathaway conglomerate, even though it’s yet to be widely adopted, he continued.
Miller added that the Federal Reserve is threatening to erode the dollar’s value with rock-bottom