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MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
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Bill Miller’s Hedge Fund Sees Bitcoin Having ‘Significant Upside Potential’ as Digital Gold

Bill Miller's Hedge Fund Sees Bitcoin Having 'Significant Upside Potential'

In a report filed with the U.S. Securities and Exchange Commission (SEC), the fund managers for the Miller Opportunity Trust, Bill Miller’s hedge fund, state that “bitcoin has significant upside potential as a form of digital gold.” The report details that despite its volatility, bitcoin’s “risk-reward is attractive.”

Hedge Fund Manager Sees Bitcoin’s ‘Significant Upside Potential’

Miller Value Funds’ semi-annual report for the Miller Opportunity Trust, filed with the U.S. Securities and Exchange Commission (SEC) last week, states:

We believe bitcoin has significant upside potential as a form of ‘digital gold.’

The Miller Opportunity Trust hedge fund has $2.72 billion in assets under management (AUM) as of July 31. Its portfolio managers are Bill Miller and Samantha McLemore.

“We have been observers of bitcoin for a long time and during the quarter, the fund received approval to invest in Grayscale Bitcoin Trust (GBTC), which is an open-ended grantor trust fully invested in bitcoin,” the report details. “In the quarter, as bitcoin fell, the trust traded at one of its larger discounts to its underlying holdings in bitcoin providing additional upside potential.”

As of June 20, the fund holds 1.5 million shares of Grayscale Bitcoin Trust (GBTC) valued at $44,715,000, the report filed with the SEC shows.

The fund managers added, “With gold’s market capitalization greater than $11 trillion, bitcoin’s current cap close to $600 billion would have a long way to go to catch up,” elaborating:

We are early in a continuing adoption curve and bitcoin will be volatile but we think the risk-reward is attractive.

Veteran investor Bill Miller has long been a bitcoin proponent. In May, when the price of bitcoin fell from $58K level to below $34K, he said it was “pretty routine.” Miller added that the correction was “right in line with moves we have seen many times in bitcoin.” In April, he disagreed with some analysts that bitcoin was in a bubble. Instead, he said bitcoin was entering the mainstream as demand grew faster than supply.

Do you agree that bitcoin has significant upside potential as digital gold? Let us know in the comments section below.

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