Bill Miller: Bitcoin price could rise significantly above current levels

The seventy-year-old investor Bill Miller said that the first cryptocurrency still has significant growth potential. The price could rise “significantly higher,” backed by strong demand from institutional and retail investors.

Famed value investor Bill Miller told @KellyCNBC there’s no need to fear the #Bitcoin Boom, as the cryptocurrency surges to all-time highs above $41,000 today:

«Bitcoin gets less risky the higher it goes»#BTC $BTC #crypto @B3_MillerValue @MillerValue @CNBCTheExchange @CNBC pic.twitter.com/mgbmekTqEy

— The Exchange (@CNBCTheExchange) January 8, 2021

According to him, firms such as Square and PayPal purchase newly issued bitcoins every day. Retail investor demand is also rising. Meanwhile, the supply of digital gold grows slowly. This helps lay the groundwork for Bitcoin to reach new highs.

Miller added that while people ponder where the price peak lies, the Federal Reserve’s zero-interest-rate policy puts cash in a “guaranteed losing situation.” That means holding 1–2% of a portfolio in Bitcoin is a sound hedge against risk, even if the cryptocurrency eventually crashes.

“I think owning a small amount of Bitcoin is more a risk-management strategy than anything else,” the American investor emphasised.

The billionaire first invested in cryptocurrency in 2014, putting 1% of his net assets into it. In 2017 the hedge fund MVP 1 he founded substantially increased Bitcoin’s share in the portfolio.

Earlier this month, the investment bank JP Morgan forecast Bitcoin at $146,000.

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