While Others Warn of Market Bubble, Bitcoin Bull Bill Miller Doesn't Think So

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 14 July 2021

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

On this episode of “The Breakdown,” NLW analyzes value investor turned bitcoin bull Bill Miller’s contrarian take on a possible upcoming market bubble. Miller’s background lies in traditional markets, with a massive portion of his portfolio grounded in strategically held Amazon shares. That, in addition to his relatively early bitcoin investments, provides him with an insider perspective from an external base understanding of markets. While other top investors predict an “epic” market crash, Miller remains unconcerned. Today on the brief, NLW covers the most recent crypto market news, including: New CPI releases fanning the inflation debate fire Crypto volatility spillover risks to traditional markets Square’s forthcoming hardware wallet Newly released Consumer Price Index (CPI) numbers fuel an ongoing, contentious debate around inflation. While the Federal Reserve sticks to its “transitory” assessment, others are not so sure. How will the numbers change as base effects no longer become a valid explanation? As institutional investors fill the crypto space, a “spillover” system risk concern becomes increasingly relevant. Is spillover just another piece of FUD, or is it an inevitable reality as traditional and crypto markets become more entwined? Square’s teasing of a hardware wallet project is materializing. CEO Jack Dorsey tweeted no less than 12 guiding principles for the project, and the project lead more recently announced the company’s dedication to make “bitcoin custody more mainstream.” Although no exact timeline for release exists, Square’s project is an exciting step towards easier entry to bitcoin mobile and self-custody use. -- Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW The Breakdown is sponsored by NYDIG and produced and distributed by CoinDesk.com The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Abscent84/iStock/Getty Images, modified by CoinDesk.

Transcript

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0:00.0	It's super interesting to see such a large Bitcoin holder and advocate not go all in on the
0:06.0	inflation story and the Bitcoin as inflation hedge narrative.
0:09.0	I think it gets back to a story of Bitcoin that never really leaves, although it often takes
0:13.6	a back seat to whatever the narrative de jour is.
0:16.9	That is Bitcoin as non-correlated.
0:19.9	Bitcoin as a new type of force.
0:22.0	Bitcoin has a thing that just keeps plugging along no matter what we try to say about it.
0:26.2	Bitcoin as, to quote David S. Pumpkins, its own thing.
0:31.8	Welcome back to The Breakdown with me, NLW.
0:35.9	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:43.0	The breakdown is sponsored by Nidig and produced and distributed by CoinDesk.
0:49.4	What's going on, guys?
0:50.6	It is Tuesday, July 13th, and we're talking about why Bitcoin Bowl Bill Miller
0:55.9	doesn't think it's a market bubble, even though others seem to think so. First up, however,
1:01.5	let's do the brief. First on the brief today, it is CPI Day, and I don't need to tell you guys
1:07.6	as regular listeners of this show how contentious the debate around
1:11.0	inflation is right now. The Fed is invested in trying to convince everyone that the numbers are high
1:15.8	but transitory, based on specific dislocations related to the world coming out of Corona.
1:20.9	Wall Street is invested because they're worried that the cheap money party will come to an
1:24.7	in their minds premature end if the Fed is forced to take action
1:28.3	and raised rates. Bitcoiners are invested because inflation, eating away people's savings and
1:33.0	generally making their lives harder is a key part of their philosophical thesis for Bitcoin
	...

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