According to US investor Bill Miller, the legendary bitcoin (BTC) bull run has only just begun, despite a nearly 700% increase in the price of the asset over the past year, according to a report published today by news channel CNBC.

Miller is known for breaking the SP-500 ranking in 14 years from 1991 to 2005, a feat that made him one of the best managers in the world. He manages billions of dollars in the Miller Value Fund (MVF) and is known for his value-oriented approach to the stock market.

The supply of #Bitcoin is growing at 2% per year, while demand is growing faster.

That’s all you need to know, and that means it goes higher.

– Bill Miller, hedge fund manager

– Bitcoin Archive (@BTC_Archive) 20. April 2021

Long-term Bitcoin Trader

Miller is no newcomer to bitcoin. He set up a BTC-only fund in 2018 and revealed that MVF bought the asset when it was trading at $350.

And that conviction remains. In an interview with CNBC on Tuesday, Miller said that bitcoin has firmly entered the mainstream market and that the recent price rally is markedly different from the 2017 cycle, which ended in failure.

The supply [of bitcoins] is growing at 2% a year and the demand is growing faster. That’s all you need to know, and that means it will continue to rise, he said, assuming assets still have room to rise.

Words, not really, because Miller is an early investor. He says 2017 was a bubble that eventually burst, but this time marks the beginning of its actualization.

For those who haven’t been following, bitcoin rose thousands of percent in 2017 during a rally that reached the $20,000 mark. In the following months, however, it dropped below $6,000, which was followed by a bear market that lasted almost two years.

Volatility remains a problem

Regardless of bullish sentiment and future price expectations, Miller says bitcoin’s notorious volatility remains a major concern for investors. Even then, during the bubble, it fell five times by 20%. So with bitcoin, volatility is the price you pay for performance, he noted.

Miller added that volatility is expected to continue and bitcoin is likely to experience large price swings. The most recent case has already occurred last weekend – bitcoin dropped by more than 10% in 48 hours, resulting in a $5 billion sell-off.

Meanwhile, an investor has confirmed that bitcoin is digital gold and possibly an improved version of the yellow metal. Gold is worth about $10 trillion and bitcoin is worth $1 trillion, and it’s divisible to infinity or almost to infinity, he explained, adding:

Easy to carry and can be sent anywhere in the world if you have a smartphone, it’s a much better version than gold as a store of value.

This view is shared by tech executives like Michael Saylor, CEO of MicroStrategy, and Elon Musk, CEO of Tesla, who each acquired more than $1 billion in assets last year.

Fortunes has already posted double-digit percentage gains. But right now, they’re dealing with one of Bitcoin’s famous sudden failures.

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Published: Bitcoin, investments

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