Bill Miller Predicts China Could Be the Driving Force Behind the Next Bitcoin Rally

This comes after the Financial Times reported that the People's Bank of China would start cutting interest rates in order to shore up the country's struggling economy.

Bill Miller IV, portfolio manager at Miller Value Partners, believes that China's upcoming interest rate cuts could significantly boost Bitcoin's price.

According to the Financial Times, the People's Bank of China is preparing to cut interest rates to support the country's slowing economy. Miller suggests that this move could serve as a major catalyst for driving Bitcoin's price higher.

"If the PBoC begins cutting interest rates, as the Financial Times is now reporting, that will be a huge multiple for Bitcoin," said Miller.

Recently, the U.S. government has been exploring the possibility of creating a strategic Bitcoin reserve, which is widely anticipated by the industry to be a powerful bullish catalyst. Last month, Miller slammed Bloomberg's anti-Bitcoin op-ed, highlighting that critics of the cryptocurrency have been proven wrong for 15 years.

In March, he predicted that a corporate owner of the world's reserve currency (referring to MicroStrategy) could become the largest financial services company, surpassing even JPMorgan.

Bill Miller III, Bill IV's father, is also a renowned Bitcoin supporter. The legendary hedge fund manager, known for his fund's 15 consecutive years of outperforming the S&P 500 Index from 1990 to 2005, first purchased Bitcoin when it was trading at $200 in 2012.

Throughout the years, he has maintained his bullish stance on the primary cryptocurrency despite its challenges. In 2021, he stated that Bitcoin was a superior store of value compared to gold.

In an interview with Forbes Australia in October, the 74-year-old investment legend revealed that his average Bitcoin purchase price was $700. He also anticipated that a large proportion of advisors would begin recommending an allocation of up to 3% in the flagship cryptocurrency.