Bill Miller IV, a portfolio manager at Miller Value Partners, haspredicted that China could be the driving force behind the next Bitcoin rally.
This comes after the Financial Timesreported that the People’s Bank of China would start cutting interest rates in order to shore up the country's struggling economy.
This, according to Miller, could be the catalyst that pushes the Bitcoin price substantially higher.
As of now, the industry consensus appears to be that the U.S. potentially creating a strategic Bitcoin reserve could be the ultimate catalyst that the bulls need to outperform in 2025. Last month, he criticized Bloomberg's anti-Bitcoin op-ed,arguing that Bitcoin critics had been wrong for 15 years.
Back in March, hepredicted that a corporate owner of the reserve currency (MicroStrategy) could become the biggest financial services company in the world, outpacing the likes of JPMorgan.
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His father, Bill Miller III, is also a longtime Bitcoin supporter. The legendary hedge fund manager, whose Legg Mason Value Trust managed to beat the S&P 500 Index for 15 years in a row over the period from 1990 to 2005,bought Bitcoin for the first time when the cryptocurrency was trading at just $200 in 2012.
He remained bullish on the leading cryptocurrency throughout all these years despite the challenges that it has faced. In 2021, hesaid that Bitcoin was a much better store of value compared to gold.
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In October, the 74-year-old investment legend told Forbes Australia that his average Bitcoin purchasing price was just $700. He also predicted that the lion's share of advisors will start recommending allocating up to 3% of one's assets to the flagship cryptocurrency.
