Remaining bullish on the cryptocurrency, the famed value investor explained that bitcoin’s price will rise as the demand for the crypto is growing faster than its supply.
Longtime value investor Bill Miller is the founder of Miller Value Partners and currently serves as the chairman and chief investment officer.
He was asked in an interview with CNBC last week whether there is a lot more upside to the price of bitcoin.
Supply is growing 2% a year and demand is growing faster.
Comparing bitcoin’s recent rally to what happened in 2017 which he said “was a bubble,” Miller acknowledged that the price of bitcoin will be volatile as seen in the recent price swings.
Miller shares the same belief as many bitcoin investors that the cryptocurrency is “digital gold.
Guggenheim CIO Scott Minerd recently said bitcoin looks “very frothy,” warning of a major correction that could push the price of the cryptocurrency down to between $20K and $30K.
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