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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.
Bitcoin could be rat poison, and the rat could be cash.
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Visit Business Insider's homepage for more stories. Veteran investor Bill Miller trumpeted Bitcoin's rich prospects in a blog post this weekrepurposing 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.
Bitcoin has seen a meteoric climb since March, following the announcement made by online payments giant PayPal, which said it would enable account holders to use the cryptocurrency. Meanwhile, several other banks have responded to the rise of cryptocurrencies and the slump in the usage of cash by announcing plans for bank-backed virtual units. Unregulated by any central bank, Bitcoin emerged as a lucrative option for investors who have exotic interests, however, its under-the-radar nature has also attracted criminals. Debate on whether Bitcoin should be seen as a form of money, an asset, or a commodity has been raging on since the cryptocurrency was launched in
The pressure on the greenback has spurred the likes of Square and MicroStrategy to shift some of their cash into Bitcoin to lessen the impact of depreciation, he said.
Auto earnings bitcoin is "best thought of as digital gold", yet has several advantages over the haven metal, Miller continued. If more companies swap cash for crypto, "the current relative trickle into Bitcoin would become a torrent," he added.
The Berkshire chief has also criticized "stores of value" such as gold, as they don't produce anything and only increase in value if someone is willing to pay more for them in the future. Instead, Buffett prefers to own productive assets such as farms and businesses.
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