“I don’t think this is a bubble at all in bitcoin, I think this is now the beginning of a mainstreaming of it.”
— Bill Miller
That is famed stock picker Bill Miller doubling down on his support for bitcoin and the broader market during an interview with CNBC Tuesday afternoon.
The star fund manager at Miller Value Partners said that he views the bitcoin market as just in its infancy, with demand for the digital asset far outweighing its current supply—a key factor in its rise to near records, despite a recent pullback 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’s going higher,” Miller told CNBC of bitcoin’s run-up so far this year.
are up over 90% so far in 2021, even after a weekend pullback which lost around 20% of its value from a high near $65,000. Over the past 12 months, bitcoin prices are up by about 720%. By comparison, the Dow Jones Industrial Average
and S&P 500
are up around 10% so far this year and are both up by over 40% over the past year, FactSet data show.
An equity expert cum crypto convert, Miller doesn’t see bubbles forming in bitcoin but rather beliefs that its recent moves reflect an asset that is morphing into a bona fide investment alternative and gaining more popular adoption by institutions and individual investors.
“I don’t think this is a bubble at all in bitcoin, I think this is now the beginning of a mainstreaming of it,” Miller said.