Legendary investor Bill Miller says that this is the right time to buy Bitcoin as the fundamentals are getting stronger every day. According to his interview given to CNBC on Friday, the legendary investor said that the bull market will be good for growth and traditional value.
Bill Miller is Bullish About Bitcoin
In his interview with the CNBC, legendary investor bill Miller declared he “strongly” recommends people to buy Bitcoin, calling it the “single best performing asset class” of the last year, 5 years, and decade.
“I would say people who don’t have exposure to bitcoin, I would strongly recommend at current prices that they do that“
The Miller Value Partners founder further said that
“Bitcoin’s supply is growing at around 2.5% a year, and the demand is growing faster than that and there’s going to be a fixed number of them”
The legendary investor also commented on the markets and what he expects from a Biden administration.
Bill Miller is bullish about Bitcoin. He further elaborated that
“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”
It seems that a few important recent improvements have boosted Bitcoin to its current price of about $15,500. For instance, PayPal declared that it would enable its users to purchase, sell, and exchange the coin. Also news broke that Square Inc., a payments company established by Twitter CEO Jack Dorsey, proclaimed a 1100% increase in its revenue from Bitcoin in Q3.
Miller further said that
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.
As mentioned earlier, Bill Miller founded Miller Value Partners and currently works as its chairman and chief investment officer. He leads the Opportunity Equity and Income Strategy portfolios.