The fourth quarter was a relatively uneventful one in US markets, with the S&P 500 (SP500, SPX) doing what it has done for most periods of its history — go up.
Miller Value Partners discusses why the firm is bullish on Bitcoin (BTC-USD) despite it having no dividend, SEC filings or corporate strategy. Among the reasons cited by Miller Value Partners are Bitcoin's role as a unit of account for capital governance, its first-mover advantage and the limited computer science knowledge that is required to understand the source code.
Miller Value Partners also highlights the limited transaction scalability of Bitcoin, but notes that there is capital and brainpower that is focused on this issue. Among the potential solutions are Bitcoin that is held in more centralized accessible formats like public equities or exchange traded funds.
Finally, Miller Value Partners notes the role of "unknown unknowns" and the "uncanny ability of markets to surprise us." The firm adds that the burden of proof on calling for a reversal in Bitcoin over the next ten years appears higher than betting that adoption will continue at a rate outpacing the growth in outstanding fiat currencies.
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