Legendary investor Bill Miller says bitcoin's resilience 'gets better every day' as demand rapidly exceeds supply
- Legendary investor
Bill Millertold CNBC on Friday that bitcoin's staying power gets "better every day" and the risks of the currency going to zero are "lower than they've ever been before."
- "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
Miller Value Partnersfounder said.
- The cryptocurrency has surged roughly 43% this month and 112% this year.
- Watch bitcoin trade live here.
Legendary investor Bill Miller told CNBC on Friday bitcoin gets stronger every day as the cryptocurrency continues to rally.
The digital token has surged roughly 43% this month, and is up over 112% year-to date. Miller, who founded Miller Value Partners, said the cryptocurrency has been the "single best performing asset class" in the last year, five-year, and 10-year periods.
"The bitcoin story is very easy, it's supply and demand," Miller added."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."
Bitcoin has had anything but a smooth rise upward, however. It hit a high of $19,000 at the end of 2017, only to plummet to below $4,000 just a year later. It's now up over 300% from a 2018 low.
"It's been very volatile, but I think right now it's 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," said Miller.
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A few key developments last month have helped push Bitcoin to its current price about $15,000. PayPal announced that it would allow its users to buy, sell, and exchange the asset from their accounts on the platform. Earlier in October, Square purchased $50 million worth of bitcoin on the potential that it will be a "more ubiquitous currency in the future." JPMorgan also said the coin has "considerable" upside as a long-term term investment.
"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," Miller said.
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