Despite the seeming negativity of his comment, Miller went on to espouse a highly informed and rationally bullish case for the long-term value of Bitcoin. Miller responded by stating that there are many ways of valuing Bitcoin, but that the most common is to view Bitcoin as a non-correlated asset most similar to gold, except it’s that much more easily transportable than gold and can in turn be used to actually buy things.
He further posits that therefore all one needs to do to determine a proper value to analyze the size of the gold market and calculate what percentage of that market Bitcoin could realistically obtain for itself. He also argued that if Bitcoin became a third as valuable as gold, central banks around the world would start to view it as another potential asset just like gold to hold for themselves.
That would also increase the market value. Miller in his own words considers Bitcoin, “An interesting technological experiment.
It’s much less risky today then it was when it was priced at $100 a few years ago. For every day that it doesn’t blow up and go to zero, or get regulated out of existence, what’s gonna happen is that more money is going to flow into the ecosystem, more people are looking at it, and there’s only 17,000,000 Bitcoin outstanding in the world.
There are 25,000,000 millionaires in the world. So all it would take is every millionaire to get one bitcoin for the price to go non-linearly higher.” He also believes that Bitcoin is the most stable cryptocurrency and has the highest probability of being the most successful. Read more from hacked.com…
thumbnail courtesy of hacked.com