- Bill Miller, a prominent Wall Street investor who runs Miller Value Partners, says that he remains bullish on the cryptocurrency.
- When asked about Bitcoin on CNBC, the investor pinned his bullish sentiment to a simple thing: supply and demand.
- Miller elaborated that with fundamental trends aligning in favor of Bitcoin’s growth, institutions will own the asset.
Bill Miller Is Extremely Bullish on Bitcoin: CNBC Interview
Far from all Wall Street investors and firms are not fans of Bitcoin.
Bill Miller, a prominent Wall Street investor who runs Miller Value Partners, says that he remains bullish on the cryptocurrency. He says this even amid the unprecedented macro trends we are seeing. Miller Value Partners is estimated to hold a few billion dollars worth of assets.
Miller, whose net worth is estimated to be $500 million, recently sat down with CNBC to discuss his thoughts on BTC and other market trends.
When asked about Bitcoin, the investor pinned his bullish sentiment to a simple thing: supply and demand. Miller explained:
“The bitcoin story is very easy, it’s supply and demand… 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…. 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.”
Miller elaborated that with fundamental trends aligning in favor of Bitcoin’s growth, he thinks major institutions and investors will own the cryptocurrency eventually:
“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.”
The investor has personally invested in BTC, as has his fund. Bitcoin and Amazon were the two key assets that drove Miller’s fund higher than most other funds last year.
Not the Only One
Miller is far from the only Wall Street investor that is a fan of Bitcoin, having put serious capital and their reputation behind it.
Paul Tudor Jones, regarded as one of the world’s best macro investors, recently said that BTC can be likened to investing early in Apple or Google. Tudor Jones added that buying BTC is a fundamental bet on the innovation of humanity, as opposed to bonds being a bet on the fallacy of humans.
Raoul Pal, CEO of Real Vision, has also been an ardent supporter of Bitcoin. The retired hedge fund manager, who found Bitcoin in 2012 or 2013, has put 60% of his liquid net worth into Bitcoin and Ethereum.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Billionaire Bill Miller Is Extremely Bullish on BTC Once Again