Billionaire investor and founder of Miller Value Partners fund Bill Miller believes that the risks of total depreciation bitcoin is lower now than it ever was before. He made such a statement in a conversation with CNBC on Friday.
“The history of bitcoin is very simple - it is supply and demand. Bitcoin supply is growing by 2.5% per year, while demand is growing faster "- he declared.
During the management of Legg Mason CapitalMiller's Management Value Trust has managed to outperform the S&P 500 for 15 years. In December 2017, he announced that half of the assets of his hedge fund MVP1 were invested in bitcoin. In a recent interview, Miller warned of a "return" of inflation caused by the Fed's "shelling of money" and future congressional stimulus measures.
The investor expects that afterMicroStrategy 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 commodities, primarily gold.
Miller is also a member of the investmentJohns Hopkins University Foundation Council. 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.