Mutual fund titan Bill Miller is talking bitcoin again.
“One of the things that’s interesting about bitcoin is that it gets less risky the higher it goes,” Miller told CNBC Friday. “That’s the opposite of what happens with most stocks.”
Miller continued to describe bitcoin as “a supply-and-demand story” with roughly 900 bitcoins created each day and a swarm of retail and institutional investors scooping up enormous chunks of available supply.
Some of those large investments have come from firms like MicroStrategy, which has scooped up over 70,000 BTC with plans to buy more, and London-based asset manager Ruffer Investment, which dumped $740 million into bitcoin toward the end of 2020.
Payment companies like Square and PayPal are also funneling retail capital into bitcoin. In Q3 2020, for example, Square reported a record $1 billion in bitcoin revenue via its Cash App mobile wallet. PayPal, after announcing its plan to support bitcoin and other cryptocurrencies in October, promptly removed its