Bitcoin Could Go To $175,000 Thanks To Global Retirement Accounts Could Drive, Says Bill Miller IV
Bill Miller IV, chairman and CIO of Miller Value Partners, on Wednesday said even minimal exposure from global retirement accounts could significantly boost Bitcoin‘s (CRYPTO: BTC) valuation, highlighting what he sees as early but growing institutional interest.
What Happened: “There are $60 trillion worth of assets globally in retirement accounts with zero allocation right now to digital assets,” Miller said in a CNBC interview. “Every 1% allocation from that $60 trillion adds $30,000 to Bitcoin’s price.”
He argued that a 2% allocation to Bitcoin would be conservative when compared with traditional holdings in fiat assets.
“All of those assets are currently in a monetary framework whose authorities have told you they want to depreciate it by 2% a year,” he said. “So why wouldn’t those accounts stake 2% of everything denominated in a melting ice cube and put it into another protocol altogether?”
By Miller’s calculation, a 2% allocation from global retirement funds would place Bitcoin near $175,000, more than 50% above current levels.
The veteran investor pointed to early signs of institutional adoption as evidence of Bitcoin’s broadening reach. …
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