According to the legendary investor, in the future, the first public crypto exchange will outstrip Tesla in market value.
Legendary investor Bill Miller predicted that the capitalization of the first public cryptocurrency exchange Coinbase will exceed $ 1 trillion, Business Insider reports. According to the investor, the trading platform will outperform the Tesla automaker in terms of market valuation. Miller is confident that the automotive industry has no serious prospects, while the crypto industry is a sector of explosive growth.
In April 2021, Coinbase became the world’s first public crypto exchange – it was listed on the NASDAQ (no IPO). At the peak, the value of the company’s shares reached $ 429.5 per share, then they began to fall in price. As of October 12, 10:15 Moscow time, the premarket quotation of the first public crypto exchange is $ 256 per share. Coinbase capitalization is $ 54.1 billion.The market value of Tesla, according to NASDAQ, where it is traded, is $ 793 billion.
In July, Miller named bitcoin as the best asset to protect against inflation. Also, the investor agrees with the opinion that bitcoin is digital gold, since cryptocurrency is more convenient to use any precious metal.
Bill Miller’s Miller Value Partners fund became one of the best in hedge fund history in 2019, with a return of 119%. The investor started buying bitcoins a few years ago, when they cost $ 300 per coin. A significant part of the fund’s capital was earned precisely on the growth of the value of the first cryptocurrency.
– Bill Miller compared gold and bitcoin to a horse and a Ferrari
– The head of JPMorgan said the lack of value of bitcoin
– Bloomberg Strategist Predicted Bitcoin’s Unique Growth Phase
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