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I think Bitcoin becomes less risky as it goes up in price just because it means that there's increasing ownership of it and adoption and the broader that adoption is not only in the US but globally the less likely it is to go to zero because it's on everyone's radar screens people care about it they're paying attention to it they want to own it and so the broader the adoption is the less risky it is the way I think about it is assets that have limited Supply will be priced in Bitcoin whether that's Waterfront Estates whether that's rare paintings you know artifacts stuff like that that'll eventually be priced in Bitcoin uh capital goods kind of things everything else you can deal with a local government or some sort of other depreciating currency or medium exchange as we approach what promises to be a very eventful month and year for Bitcoin and the entire digital assets space prominent digital assets enthusiasts and Veteran investors from all walks of life have been discussing their Outlook and expectations for Bitcoin and the overall digital asset space Miller value Partners portfolio manager Bill Miller I fourth recently joined popular podcaster Anthony Pompano for an insightful discussion about his outlook on bitcoin and other cryptocurrencies as the industry prepares for a major bull market in 2024 according to Miller this bull market and The Almost 100% certain influx of institutional investors marks A New Beginning for the leading digital asset Miller envisions a time when Bitcoin is not just the leading crypto asset or a popular treasury asset among institutional investors but a leading Global asset in which scarce assets will be measured by this analogy assets with a limited Supply including Choice beachfront properties age-old artifacts rare paintings and other rare Collectibles will be priced in Bitcoin and not rapidly deflating Fiat currencies like the US dollar while this may seem a little far-fetched today it is not complet completely unimaginable when you consider that Bitcoin is not just the world's most scarce asset but it is probably the only asset that was specifically created with all the right qualities to replace the global monetary system according to Miller this might not happen for another decade or two but the seeds for that and much more are currently being swn and will begin to germinate rather rapidly after the US Securities and Exchange Commission approves a spot Bitcoin ETF in January we will now bring you clips from Miller's discussion with pomp but before we do please take a little time to like this video subscribe to the channel and turn on post notifications for more videos like this thanks and enjoy the video I remember when we were in Miami one of the things we talked about was how Bitcoin has a description problem which I think is a really important idea um and you flag this which is a lot of times people ask us hey what are you investing in what do you like we say oh we like this stock we like that stock these things are interesting and we also own a ton of Bitcoin and the answer the response generally is oh okay yeah I don't like that I don't get that and that's that's weird or whatever or they own a bunch potentially too but you know the people that don't understand it if instead of giving them a name of a stock we liked we had said instead I'm investing in the world's fastest growing monetary payments and Technology Network oh that's pretty interesting uh it must be a private company huh no well you can it's very it's very liquid it's very public you can see exactly the status of the entire network in technology 24 hours a day 7even days a week 365 days a year there has never been a currency or monetary payments system or network in the history of the world where you can say that and you know maybe you don't care maybe everyone in America doesn't care because the dollar is relatively stable versus other governments but I care I'm paying attention to what's going on with the currency Supply people that understand how the system works are paying attention to the currency Supply and what's going on the FED lets us know every every month what's going on you know the information around Bitcoin is unprecedented in terms of what you own and what's going on with it and I think that's immensely valuable so it's done a lot better than be just a store of value over the past decade best performing asset class there's a ton of people working on it on an open source basis which is amazing too it's a global phenomenon from a medium exchange perspective the lightning network has immense potential when you look at the um transaction through put relative to Visa Mastercard other Alternatives so that I think that could eventually continue to supplant uh you will that will eventually hopefully take over from a medium of exchange perspective but what what the point I think we're dancing around here which is people don't necessarily think through they don't necessarily put the right context around the The Innovation right so why is Bitcoin so important why do you and why are you and I obsessed with it why are people out there so interested in it and I think only a handful of people will articulate this but the trip party Ledger system that Satoshi invented there's one real implication for it which is you don't need a third party who tells you what the rules and laws are to do things anymore because there is now effectively um that's what Fiat means it's because I say so and the reason that Fiat things exist or or existed way back when Once Upon a Time was to protect against big violent threats and clashes between tribes and that sort of thing like we're in a new age and time here and there's been no innovation monetary technology in centuries until now and it's a real breakthrough that you can actually store value independent of what someone else says or does to the yard stick that you own and so that's the real innovation of Bitcoin it actually and and that's why Senator Warren so unhappy about it it's why these lifetime politicians who want to have a big government control perspective around the thing are so upset about it because at the end of the day if if their uh you know colleagues can't change change the yard stick and change the rules all the time it's an immutable store of value over time and so that is the real benefit of it is that people can't take from you what you have during the discussion Miller also gives his views on some perceived external threats to the smooth development of Bitcoin over the next few years even a simple look at bitcoin's fundamentals will reveal the immense strength of the network as Miller has aptly described it Bitcoin is the world's fastest growing monetary payments and Technology network with complete transparency and most importantly not under the control of any CEO or founder but as strong as its fundamentals are they cannot exist in a vacuum this is why crypto Advocates continue to fight the oppressive regulatory environment to keep the industry free of what's currently one of the biggest threats to its continued existence in the United States according to Miller the threat to bitcoin and other digital assets on the regulatory front is real but will be very short-lived he explains that even in the US people who are vocally against the IND industry's growth and development are not as many as those who are in favor or currently indifferent let's get back to the interview as Miller discusses his views on the stifling regulatory environment spot Bitcoin ETFs and the 2024 having event well other than politicians that are nervous about their jobs potentially longer term I don't know if there's a huge constituency that wants to shut this thing down I mean so that's one way to think about it is who's actually against this I don't know number one number two the government has sold at current market values tens of billions of dollars of Bitcoin to its citizens so can they do that and then turn around and say nope sorry this is illegal I mean sure but that's that's some crony stuff right like we hope the US doesn't work that way also if you look more broadly around the world the trend is positive unless you live in a dictatorship right I mean El Salvador now in Argentina you got a Pro Bitcoin president um Japan is talking about lower regulation Germany so everywhere around the world the trends are very very positive um it's a you also hope that the US gets it right right like generally speaking for my perspective the US is fantastic because they get most things right the system of governance is better than in other places and you hope that the system understands that technological innovations such as the one such as the context I brought up earlier should not be stifled and shut down I mean that's just depressing to even think about so we got to we all it's on all of us to comment on this finsen proposal let people know what we think and get our voices out there I think most of these well if most of their developers and teams are here and they're from here and they're citizens the us there going to be a hesy to do that until it's absolutely necessary and politicians will keep trying to tighten the screws but the response has not been all that positive right I mean you have certain loud voices that benefit from Central calization speaking out against it but in reality people don't want centralized power you know so longer term I you know people say oh this is a Libertarian fantasy well most people are Libertarians at hard they don't want to be told what to do right I mean who sits there and says yes I want the government to come out and tell everyone what to do no every one of our generation says um uh fiscally conservative but socially liberal right okay well take a look at Bitcoin then so um I I think people be hes to leave until it's absolutely necessary and there's no sign yet that it is necessary and so how do you view etf's potential approval assets flowing in and maybe even impact on bitcoin itself there's a great cartoon in the investment industry that says the punchline is something along the lines of uh I don't do something because other people are doing it I do it because lots of other people are doing it so the reality is once the ETF is approved uh and everyone's doing it then that whole fear of career risk and people losing their heads if somebody doesn't like Bitcoin goes away I mean that's institutional accept there's no more institutional acceptance and I also think that's why the back and forth continues um the rejection was completely compre just certain people don't want it out there but it's it's ultimately I feel like it's baked in the cake um I think for me a potentially interesting question is okay you know day one does ETF Pro me Bitcoin goes to the moon or does mean that the supply demand kind of I mean you could see that Supply demand balance potentially going the other way in the short term and Bitcoin going down on that right because then people can actually get exposure via ETFs they may not understand why they should hold the underlying coins or spots on The Ledger they may sell that to buy the ETF who knows but at the end of the day long-term ETF acceptance is a massive massive Tailwind for Bitcoin the reality is there's a strong underlying group of people that get the technology and they're not selling it and then there's a base level of demand not only is there this strong base level demand you have the speculators on top of it you have the growing adoption via the wallet numbers as you pointed out in the past adoption is growing so there's a growing base of demand and then the marginal supply all pricing happens at the margin the marginal supply gets cut in half what happens when the marginal supply gets cut in half only one thing the price goes up I mean unless the demand changes or the the bottom falls out so people always talk about markets are per perfectly efficient they're not perfectly efficient and you know there is a catalyst every four years for Bitcoin and it's not much more complicated than that P meanwhile the latest development on spot Bitcoin ETFs has been described as another Surefire sign that the SEC is about to make the much awaited announcement according to recent reports the SEC actively held meetings with spot Bitcoin ETF applicants this week Black Rock and several other applicants met with the commission on Thursday a meeting Fox Business Network's senior correspondent Charles gasparino described as a rare joint conference call according to Bloomberg analyst Eric balchunas this is another definite sign that the SEC is about to approve not one but several spot Bitcoin ETFs Eric also noted that the meeting was for the SEC to reiterate that applicants have to agree to the commission's earlier stipulations of using a cash creation model or wait for approval at a later date what are your thoughts on Miller's interview and the sec's meeting with black rock and other ETF applicants does this mean that we will definitely get one or more approvals in January please drop your comments and observations in the comment section below also ensure you like this video subscribe to the channel and turn on post notifications for more videos like this thanks for watching hey Savvy Finance enthusiasts massive shout out for being the heartbeat of Savvy Finance your support has been the wind beneath our wings and we can't express our gratitude enough now buckle up because we've gotten an exclusive deal just for you ever want in a slice of the action we're offering a golden opportunity to own part of our YouTube Channel's potential future Revenue this isn't just an investment it's an invitation to be a part of our story investing means you're not just an investor you will be a participant in the future of savy Finance no cheesy lines just a genuine call to embark on this journey together but wait there's more your mission 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