Bill Miller, the billionaire investor and Miller Value Partners CFA, continued to promote Bitcoin in a new interview with author William Green, which Business Insider profiled today.
Miller compared his belief in bitcoin to his belief in Amazon stock when the dot-com bubble burst last year, saying, “I’m willing to go over the waterfall with this one too,” according to an interview transcript.
The remarks reflect a growing consensus in the mainstream media that Bitcoin, long dismissed as a black market currency used by hackers, is maturing as an asset class worthy of concerted investment by America’s largest and most established financial institutions.
Indeed, Miller went so far as to say that investing in Bitcoin should be more appealing today than it was years ago to banks and investment firms that are still on the fence.
“At $43,000, Bitcoin is a lot less risky than it was at $300. “It’s now established, huge amounts of venture capital money have gone into it, and all the big banks are getting involved,” Miller said, advising investors who don’t yet understand the asset and are unsure about its future to allocate only 1% of their portfolios to it.
Miller continued, “Coinbase could easily have a $500 billion or $1 trillion market cap as a disruptive company in a rapidly growing, changing industry.””
“If you’re going to get shaken out by how the stock trades in three months, six months, or nine months, you probably shouldn’t own it,” the billionaire said of Bitcoin and Coinbase stock.
This follows a year of increased institutional investor demand for Bitcoin. Notably, the Bank of New York Mellon, along with other traditionally conservative financial institutions, has announced plans to custody Bitcoin and other cryptocurrencies. Recently, U.S. Bank, which manages more than $8.6 trillion in assets, became the latest in a long line of banks to get involved with Bitcoin.
Miller stated, while wearing a black baseball cap with a Bitcoin hat on it, “Bitcoin, in my opinion, is digital gold. The demand for this specific type of financial disaster protection is critical.” He predicted that if investors accept bitcoin as a store of value, its value would skyrocket tenfold, and that this would only be the beginning of Bitcoin’s potential.