The cryptocurrency market has always been a landscape of intrigue and transformation. In a recent discussion, Scott Melker, Host of The Wolf of All Streets Podcast, sat down with Bill Miller, Chief Investment Officer and Portfolio Manager at Miller Value Partners, to discuss the captivating journey of bitcoin. From its early days of skepticism to its current status as a powerhouse financial asset, Miller shared his personal evolution and deep conviction in bitcoin’s future.

Scott Melker kicked off the conversation by noting Miller’s early involvement in bitcoin, dating back to 2014. Melker highlighted the path many investors, including Miller, have taken — initially viewing bitcoin as a speculative trade, only to dive deeper and recognize its broader significance.

Miller recounted his initial curiosity sparked by an article about bitcoin’s meteoric rise from zero to $200. He was fascinated by the technology and decided to invest and investigate further. Sending his ID halfway around the world to an exchange in Eastern Europe, he took a leap of faith. As he delved into bitcoin’s white paper and other resources, Miller realized the fundamental thought process behind its creation made a lot of sense.

He reflected on the journey, saying, “I read the white paper, and a whole bunch of other materials on bitcoin, and just realized how much sense it made from so many different perspectives.”

Melker observed that many investors, like Michael Saylor, have spent countless hours studying bitcoin and have shifted their view from short-term trades to long-term investments. Miller, now a massive bull on bitcoin, emphasized its undervalued market cap in the grand scheme of global capital. With an addressable market that is growing each day, he believes bitcoin’s current market cap of $1.3 trillion is significantly underestimated.

“We’re in the very early stages of a shift around the way capital is governed and thought about,” Miller stated. He highlighted bitcoin’s potential to bring moral accountability and reduce violence, a unique intrinsic value compared to traditional currencies like the euro, yen, and dollar, which continue to depreciate.

Miller underscored the impact of social media in spreading awareness and understanding of bitcoin’s potential. With a 15-year track record of delivering impressive returns, bitcoin has proven its merit. According to Miller, adding bitcoin to any portfolio improves its Sharpe ratio, making it a valuable investment from a risk-adjusted return perspective.

He concluded by noting that despite bitcoin’s relatively small share of global capital, it operates on a far more secure and accountable standard than any political system. As more people recognize this, the adoption and valuation of bitcoin are poised to grow.