Bitcoin

1 Top Cryptocurrency to Buy Before It Climbs Another $1 Trillion in Market Cap, According to Value Investor Bill Miller IV

Published

7 months ago

15 June, 2024

1 Top Cryptocurrency to Buy Before It Climbs Another $1 Trillion in Market Cap, According to Value Investor Bill Miller IV

Even at its current market cap of $1.3 trillion, Bitcoin may be significantly undervalued.

When it comes to investing in cryptocurrencies, the conventional wisdom is that they are highly risky and highly speculative investments. Popular cryptocurrencies like Bitcoin (Bitcoin -1.15%) reach stratospheric valuations mainly due to investor perceptions of its enormous future growth potential. This means they can be better compared with growth stocksno value stocks.

But what if you’re willing to think outside the box? According to Bill Miller IV, chief investment officer at Miller Value Partners, Bitcoin can also be analyzed as a value stock. And based on the intrinsic value that Miller sees in Bitcoin, he thinks it could be worth many times more than its current market value of $1.3 trillion. He is right?

Bitcoin for value investors?

Obviously, there’s a lot to unpack here. First, there are no real fundamentals to value Bitcoin and therefore there are no real benchmarks or metrics such as price/earnings ratio. Ratios (P/E), to use for comparison. And Bitcoin hardly seems like a cheap and undervalued investment. It has a hefty price tag of $65,000 and is currently trading near an all-time high. In other words, Bitcoin looks much more like a growth stock than a value stock.

But that’s not how Miller sees things. In a recent research note, he outlined the reasons why he still buys Bitcoin. From his point of view, Bitcoin is a worthwhile investment. And it appears to be considerably undervalued relative to its future potential.

As Miller points out, Bitcoin is a superior monetary technology. Thanks to an algorithm that carefully controls the rate of creation of new Bitcoins (as well as their total lifetime supply), Bitcoin is resistant to inflation. Thanks to the decentralized nature of Bitcoin, no monetary authority or government will be able to control it. And thanks to the peer-to-peer nature of Bitcoin’s monetary technology, overall transaction costs should be lower than monetary systems that require a financial intermediary.

Image source: Getty Images.

And lest you think Miller is late to the Bitcoin game, he has been making similar arguments since 2015. Back then, he and his father Bill Miller (better known as the value investor who beat the S&P 500 for 15 consecutive years) wrote an article called “The Value Investor’s Case for Bitcoin”.

At that time, Bitcoin’s total market value was just $3.4 billion, and the Millers said Bitcoin had a 97.25% chance of total failure. But given the slim chance of success, they said, Bitcoin could be worth significantly more. It turns out that Bitcoin was not a failure and is now worth over $1 trillion.

“It’s early yet”

For the value of Bitcoin to increase by another $1 trillion or more, a number of things need to happen. Bill Miller IV suggests that Bitcoin will need to be used more for payments. Most people these days just own Bitcoin, but as the world’s first cryptocurrency, it was designed to facilitate peer-to-peer payments. Right now, says Miller, Bitcoin represents less than 1% of the global addressable capital market.

Bitcoin will also need to prove its worth as an alternative to gold. Right now, when investors look for a hedge against inflation or geopolitical uncertainty, they typically turn to gold. But Bitcoin’s share of the store of value market is growing and should not be overlooked. In 2022, for example, Goldman Sachs Group (GS 0.03%) suggested that Bitcoin could eventually represent 50% of this market.

The good news, says Miller, is that “it’s still early days.” The reason it is so difficult for many people to understand the intrinsic value of Bitcoin is that it requires a fundamental rethinking of what money is, what capital is, and what role governments should play. Investing in Bitcoin requires not only a leap of faith but also a complete change of mindset, and that takes time.

How much is Bitcoin really worth?

According to Miller, the best monetary technology usually wins, and there is no denying that Bitcoin is an impressive technological advancement. Just as plastic money replaced paper money, digital money can replace analog money. If that is the case, then Bitcoin could easily double, triple, or even quadruple in value. Miller did not give an exact target for Bitcoin, only suggesting it would be “many multiples” of its current value.

While I agree with Miller that Bitcoin is undervalued, I’m still not convinced it’s a worthwhile investment. There is a huge risk involved when you invest in cryptocurrencies, and much of Bitcoin’s growth could take years, if not decades, to fully materialize. To me, it still seems like Bitcoin is a growth investment. Whatever you want to call it, I’m still backing up the truck and loading Bitcoin.

Fuente

Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

Fuente

Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

Fuente

Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

Don’t miss a beat – Subscribe to receive email alerts directly to your inbox

To check Price action

Surf Hodl’s Daily Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be aware that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Image generated: DALLE3

Fuente

Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

Source: TradingView SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive $600 welcome offer on Binance (Full details).

LIMITED OFFER 2024 on BYDFi Exchange: Welcome Reward Up to $2,888, use this link to register and open a 100 USDT-M position for free!

Disclaimer: The information found on CryptoPotato is that of the writers quoted. It does not represent the opinions of CryptoPotato about buying, selling, or holding any investments. It is advised that you conduct your own research before making any investment decisions. Use the information provided at your own risk. See Disclaimer for more information.

Cryptocurrency Charts by TradingView.

Fuente