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bitcoin surging to levels we haven't seen since jan of 2018 it's up 45 in the past month it's back above 15 000 today and despite continued scrutiny from regulators legendary value investor bill miller just told us that he believes bitcoin is the place to be i'd say if people don't have exposure to bitcoin i would i would strongly recommend that at current prices that they do that legendary investor bill miller says every major investment bank will own bitcoin or something like it he's saying everybody who's interested in investing and making money will own bitcoin or something like it and bill miller is known for his great investments he is known for outperforming the market and his exact quote on bitcoin he said the bitcoin story is very easy it's supply and demand bitcoin's supply is growing right now around 2.5 a year and demand is growing even faster than that as we know in less than four years bitcoin supply flow will decrease even more now to hear it from the man's own mouth let's cut to cnbc this is their take on it they are simultaneously reporting on bill miller and bitcoin rallying 45 percent this month if you did not own any bitcoin and you turned on cnbc would this make you interested let me know bitcoin surging to levels we haven't seen since jan of 2018.
it's up 45 in the past month it's back above 15 000 today and despite continued scrutiny from regulators legendary value investor bill miller just told us that he believes bitcoin is the place to be i'd say people don't have exposure to bitcoin i would i would strongly recommend that at current prices that they do that kate rooney is here with a closer look at what's driving this rally kate hey kelly those big name investors like bill miller and paul tudor jones backing bitcoin are part of what's driving that rally this week it topped 16 000 today so big week for bitcoin analysts are pointing to a few other factors as well first the election bitcoin is seen as a flight to safety the same way as investors have bet on gold during some macro uncertainty it also has that same scarcity aspect with a set number in circulation there's a prospect of course of more stimulus post-election and a weaker dollar making digital currencies a bit more attractive and the fed yesterday also keeping rates near zero some of these factors according to paul tudor jones at least could set the stage for inflation he says bitcoin is quote the best hedge against that analysts tell me his vote of confidence as well as some mainstream companies getting into crypto gave skeptics a bit more cover to invest micro strategies and square added millions of bitcoin to their balance sheets this year square ceo jack dorsey on the call just yesterday calling it the native currency of the internet and paypal also announcing its crypto offering in recent weeks finally guys covet has accelerated the digital economy overall and digital currency could make a bit more sense for investors in this environment back to you yep and bill miller just said it was a simple econ 101 of demand outstripping supply so pick your reason uh but they all like it okay thank you so much if you have been subscribed to us for a while i'm sure like me you are incredibly excited on the future of this space things look incredibly bullish and with bitcoin right now around fifteen thousand six hundred dollars pushing up against the highest it's ever been in 2020 i gotta think bitcoin under 10k is a pipe dream you had your chance you squandered it bitcoin under 15 000 is your best bet at this point i mean at this point it's over fifteen thousand dollars but you still might get that chance what will you do when bitcoin hits twenty thousand dollars have you thought about it it could happen sooner than you think it could happen sooner than you let's switch to the day chart because where we are right here i think is very similar to where bitcoin was right here things are heating up in a big way and to go a little bit further as to what bill miller was saying supply versus demand just how big this is going to get i mean this chart says it all square is selling twice as much bitcoin as is made this is the bitcoin that was mined in q3 and one company is selling more bitcoin than was mined so think of it like this this is huge square is selling double the bitcoin that is made and paypal is doing the same thing paypal is almost three times square and we already know that grayscale is consuming a similar magnitude this is a bitcoin supply crisis best case expect a huge price move from bitcoin with all this demand and lack of supply you better bet in my opinion we're going to see something very similar to what we saw four years ago when trump got in office now let's go even further do i own altcoins yes i do i'm in it for the huge gains when you look at what's going on yes bitcoin is being seen as this pristine asset the goal in my opinion is to accumulate as much bitcoin as possible yes it is a fact that altcoins can see even greater gains it's riskier but you can see even greater gains and if you look into it people are down to speculate on other cryptocurrencies people aren't coming into this thinking bitcoin is the only thing that's revolutionary yes they think of it as the pristine asset but they're down to speculate on other coins for instance a bank a swiss bank is offering staking as a service for its clients right now they're doing it with tezos but i suspect that ethereum and others will come soon enough this will be a standard for banks this is an early adopter and i gotta say it's better to be kind of if you're into this i'm not giving you financial advice but in my opinion i'm just telling you what i'm doing it's better to be looking into cycle holds right around here right around here and it is when everybody else foam out into it right around here maybe you don't think alts will pump again like they did in 2017 i think they will i think it might be even bigger i mean people getting into grayscale or are also exposed to be cash ethereum classic all these other coins these are not even necessarily the d5 hot alt coins of of the cycle but i mean 95 percent of my portfolio right now is bitcoin five percent alt um that's kind of what i'm doing right now please tell me your strategies in the comments below but things are getting bullish check this out breaking news joe biden is expected to hire a bitcoin friendly gary gensler to help oversee wall street if you don't know who gary gensler is this is what he has said about bitcoin for those that don't know gensler taught a course at mit called blockchain and money and how bitcoin and blockchain could be used in finance he wrote an op-ed for coindesk in which he called bitcoin a catalyst for change he said this is a quote from him he said i would be surprised if 10 years from now this isn't somewhere in the financial system in a meaningful way said that two years ago and and this is the same guy who is part of the obama administration who has been touted as being a cop and cleaning up wall street in a way now i actually i disagree with that characterization my opinion obama and his crew they were in bed with wall street they bailed wall street out but he's being touted as somebody who's been tough on wall street and it seems he is very bitcoin friendly this is big if true now is it so this is this guy's a regulator is that good if he's a regulator is regulation good for bitcoin anybody pushing for regulation for your safety is not a friend of bitcoin gary gensler does not have your back don't be a fool and this is a quote from him talking about how cryptocurrency needs regulation so is regulation good or bad well it's good and bad right it's good in my opinion because if governments are regulating it that means they're not going to ban it it's good because it's exposure and will lead to regulation which will make millennials plus more confident in digital currencies and it's bad because it goes against the true ethos of bitcoin and will further lead to centralization yet as lolly pointed out he has said in the past that although the cryptocurrency market should be regulated bitcoin should remain exempt from regulation so that is actually kind of bullish guys things are heating up in a big way let me know your thoughts on gary gensler do you think he's good for bitcoin or bad for bitcoin finishing up the recent news of the weekend after kanye west after pewdiepie renowned rapper logic endorses bitcoin renowned i don't know he is pretty popular though i like logic tweeted this just yesterday my manager chris has been bugging me so i finally made a big investment in bitcoin and he has been welcomed with open arms all right guys that is it for me today great video things are just heating up and make sure you're subscribed to the channel not that we're giving financial advice so i don't want credit for your wins and i don't want credit for your losses but using our channel for informational purposes only if you've been cost averaging into bitcoin i'd say you're feeling pretty good alright guys i'll see you tomorrow
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