“The story is very easy, it’s supply and demand,” Miller said. “Bitcoin’s supply is growing around 2.5% a year and the demand is growing faster than that.”
When he was managing the Legg Mason Capital Management Value Trust Fund, Miller . He’s now the chief investment officer of Miller Value Partners. In December 2017, Miller revealed that his MVP1 hedge fund had .
On Friday, Miller warned of inflation “coming back” with the Federal Reserve “gunning the money supply” and future fiscal relief coming from Congress.
Following MicroStrategy’s , Square’s and PayPal’s , Miller said every major investment bank and high net worth firm will eventually have exposure to bitcoin or commodities like gold. He added that bitcoin has performed well over the past three-, five- and 10-year periods.
Miller, who serves on the investment committee for the endowment of Baltimore-based Johns Hopkins University, said that the endowment’s chief investment officer told him that “everybody is going to want to own at least some bitcoin” because of its “asymmetric properties.”
“[The endowment] may never own bitcoin,” Miller said. Yet, “for a college endowment that’s a bold statement,” he added.