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Legendary Investor ‘Strongly’ Recommends Investing in the ‘Single Best Performing Asset Class’ Bitcoin

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The risk of Bitcoin’s price going to zero is “lower than they’ve ever been before,” Mutual fund legend Bill Miller told CNBC Friday.

According to him, more institutional investors would be coming to the leading cryptocurrency, which almost went to $16,000 last week — its 35-month high.

At the time of writing, BTC/USD has been trading around $15,120 after recording an 9.5% drop over the weekend, which soon reversed.

Bitcoin’s story is “very easy” as it is just about “supply and demand,” said Miller.

“Bitcoin’s supply is growing around 2.5% a year, and the demand is growing faster than that.”

Miller also shared that the investment committee’s chief investment officer for the endowment of Johns Hopkins University told him that because of the “asymmetric properties” of Bitcoin, “everybody is going to want to own at least some” of it.

Although they “may never own Bitcoin,” Miller said that’s a “bold statement” from a college endowment. Miller serves on the investment committee of the Baltimore-based university’s endowment.

An investing revolution

Currently, the chief investment officer of Miller Value Partners, Miller beat the S&P 500 for 15 years when he was managing the Legg Mason Capital Management Value Trust Fund. During the peak of the last bull run, Dec. 2017, he revealed that his hedge fund MVP1 had half of its investments in BTC.

Bitcoin hasn’t only been the best performing asset of the last day but has also been outperforming the traditional assets in 2020.

Compared to gold’s 28.26% YTD performance, S&P’s 8.63%, and WTI’s -40.70%, bitcoin is up over 117% this year, as per Skew.

Miller “strongly” recommends bitcoin as he told CNBC, “(Bitcoin has) been very volatile, but I think right now it’s staying power gets better every day.”

He warned of inflation “coming back” due to the federal reserve “gunning the money supply” and fiscal relief coming from Congress, which means,

“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.”

After legendary investor Paul Tudor Jones talking up Bitcoin, another valued investor Bill Miller thinks everyone should own the digital asset.

“The mere fact that these old school value investors even consider Bitcoin as an investment, just shows you how much this space has developed in the last 12 months,” said Charles Edwards, founder of Capriole Investments. “This is an investing revolution,” he added.

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