[ad_1]
REUTERS / Dado Ruvic / Illustration
- Legendary investor Bill Miller told CNBC on Friday that bitcoin’s resilience is improving “more every day” and that the risks of the currency going to zero are “lower than they have ever been before.”
- “The supply of Bitcoin is growing about 2.5% per year, and the demand is growing faster than that and there will be a fixed number of them,” said Miller Value Partners founder.
- The cryptocurrency is up about 43% this month and 112% this year.
- Watch live bitcoin trading here.
Legendary investor Bill Miller told CNBC on Friday that bitcoin is getting stronger every day as the cryptocurrency continues to grow.
The digital token has increased by around 43% this month and has increased by more than 112% year to date. Miller, who founded Miller Value Partners, said cryptocurrency has been the “best performing single asset class” over the past year, five and ten year periods.
“The story of bitcoin is very simple, it’s supply and demand,” Miller added. “The supply of bitcoin is growing at around 2.5% per year and the demand is growing faster than that and there will be a fixed number.”
However, bitcoin has had anything but a gradual rise to the top. It hit a high of $ 19,000 at the end of 2017, only to plunge below $ 4,000 just a year later. It has now increased by more than 300% from its 2018 low.
“It has been very volatile, but I think that right now the stamina is improving every day. I think the risks of bitcoin going to zero are much lower than they have ever been before,” Miller said.
Read more: Investment chief Raymond James details why Joe Biden and Mitch McConnell are the perfect pair to drive the markets up – and lists 4 sectors he believes are ready for gains no matter who is in power.
Some key developments last month helped push Bitcoin to its current price of around $ 15,000. PayPal has announced that it will allow its users to buy, sell and trade the asset from their accounts on the platform. In early October, Square bought $ 50 million worth of bitcoin with the possibility that it will become a “more ubiquitous currency in the future”. JPMorgan also said the coin has a “sizable” upside as a long-term investment.
“I think every big bank, every big investment bank, every big company with high net worth will eventually have some exposure to bitcoin or something, which is gold or some kind of commodity,” Miller said.
