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. …