“I don’t think this is the bitcoin bubble, I think this is the beginning of the trend to incorporate it.”
It’s famous stock picker Bill Miller doubled down on his support for bitcoin and the broader market in an interview with CNBC Tuesday afternoon.
The star fund manager at Miller Value Partners says he sees the bitcoin market in its infancy, with demand for digital assets outstripping current supply – a key factor driving it up. close to record, despite the recent decline over the weekend. .
“Supply is growing 2% a year and demand is growing faster. That’s all you really need to know, and that means it will go higher, ”Miller told CNBC of bitcoin’s rally so far this year.
an increase of more than 90% so far by 2021, even after a weekend price drop has lost about 20% in value from a high of nearly $ 65,000. Over the past 12 months, the price of bitcoin has increased by about 720%. For comparison, the Dow Jones industrial average
and S&P 500
up about 10% so far this year, and both are up more than 40% in the past year, FactSet data shows.
An equity specialist and cryptocurrency converter, Miller does not see a bubble forming in bitcoin but rather a belief that its recent moves reflect an asset that is turning into a true investment alternative. and more popularly applied by organizations and individual investors.
“I don’t think this is a bubble at all, I think this is the beginning of the trend to incorporate it,” said Miller.