Bill Miller, a major American investor and fund manager, said that the value of bitcoin is unlikely to fall to zero, and large investment banks will invest in the cryptocurrency.
Bill Miller expressed his position on bitcoin in an interview
CNBC. According to him, the risk of reducing the price of bitcoin to zero is “lower than ever before.” He also predicted an increase in institutional investment in cryptocurrency.
“The story with bitcoin is very simple – it’s supply and demand,” Miller said. “The number of bitcoins in circulation is growing by about 2.5% per year, and demand is growing faster.”
Bill Miller is a well-known figure in the traditional investment industry. When he ran the Legg Mason Capital Management Value Trust Fund, the fund outperformed the S&P 500 index for 15 years. Miller is now the chief Investment Officer of Miller Value Partners. In December 2017, Miller revealed that his hedge fund MVP1 had invested
half of its investment in BTC.
In an interview with CNBC, Miller warned of a” return ” of inflation as the Federal Reserve “continues to print money,” and of impending congressional tax breaks. Miller said that every major investment bank and high-income company will eventually own bitcoin or gold. He added that BTC has performed well over the last three -, five – and ten-year period.
Miller serves on the investment committee of the Johns Hopkins University Foundation in Baltimore. According to him, the investment director of the fund said that “everyone will want to own at least some amount of BTC.”
“The fund may never buy BTC,” Miller said. “However, for the college foundation — this is a bold statement.”