Investing legend and co-founder of Miller Value Partners Bill Miller is offering a powerful investment case for Bitcoin (BTC), labeling it the single best performing asset in multiple time periods.
In a CNBC interview, the executive of the long-term investment management firm says the demand for Bitcoin is significantly outpacing supply.
“The Bitcoin story is very easy, it’s supply-demand. It’s economics not 101 but .01 which is Bitcoin’s supply is growing around 2.5% a year, and the demand is growing faster than that, and there’s going to be a fixed number of them.”
Although Miller expects Bitcoin to remain volatile, he says that the leading cryptocurrency is here to stay.
“It’s been very volatile, but I think right now its staying power gets better every day. I think the risks of Bitcoin going to zero are much, much lower than they’ve ever been before.”
In recent months, publicly traded companies like MicroStrategy and Square have made multi-million-dollar bets on BTC. Meanwhile, financial services firm PayPal is also hopping on the bandwagon after announcing support for Bitcoin and other major cryptocurrencies. Miller expects the emerging trend where big-money players enter the world of BTC to continue.
“I think every major bank, every major investment bank, every major high-net-worth firm is going to eventually have some exposure to Bitcoin or what’s like it, which is gold or some kind of commodities.”