Bitcoin is significantly undervalued at its current levels, according to a billionaire

Billionaire investor Bill Miller IV, chairman and chief information officer of Miller Value Partners, commented on Bitcoin in a blog post titled "Why I'm Still Betting on Bitcoin" on June 11, 2021.

Despite the fact that Bitcoin has already brought some of the biggest profits, Bill Miller is still convinced that the crypto-asset is undervalued, and even more, he predicts that there will be a significant change in the distribution of global capital in the future.

According to the information the billionaire believes that the true intrinsic value of Bitcoin far surpasses its current market capitalization of $1.37 trillion given its potential to redefine the global capital market.

According to Miller:

Bitcoin's promise is simple – namely that changes in someone's purchasing power should not be controlled by an authority bound by the circumstances of their birth.

At the same time, he points to the fact that the charm of Bitcoin lies precisely in the fact that the purchasing power, removing it from the official location of the person, stands alone and has no other power than that of the person using it.

The investor believes that the transparent nature of the decentralized system and the information that is public to all participants are the characteristics that Bitcoin possesses compared to conventional monetary systems, which, on the other hand, depend on subjective human judgments and politics.

Miller believes that Bitcoin is likely to be the next technological breakthrough that will reshape the capital market.