Billionaire investor and founder of the Miller Value Partners Fund bill Miller believes that the risks of a complete devaluation of bitcoin are now lower than ever before. He made this statement in a conversation with CNBC on Friday.
"The history of bitcoin is very simple-it is supply and demand. The supply of bitcoin is growing by 2.5% a year, while demand is growing faster, " he said.
While managing the Legg Mason Capital Management Value Trust, Miller managed to outperform the S&P 500 stock index for 15 years. In December 2017, he announced that half of the assets of his hedge Fund MVP1 are invested in bitcoin. In a recent interview, Miller warned of a" return "of inflation caused by the fed's" bombardment of monetary circulation " and future congressional stimulus measures.
The investor expects that after MicroStrategy invested $425 million in bitcoin, Square - $50 million, and PayPal announced the addition of its support, every major investment Bank and companies with high asset values will want to open up to the market of cryptocurrencies and exchange-traded goods, primarily gold.
Miller is also a member of the investment Board of the Johns Hopkins University Foundation. According to him, the investment Director of the Fund said that "everyone will want to have at least some bitcoins" due to the "asymmetric properties" of the cryptocurrency.
"The Fund may never buy bitcoin. Nevertheless, this is a bold statement for the University Foundation, " he added.