In an interview with CNBC on Friday, legendary investor Bill Miller discussed bitcoin's rally to a new all-time high.
The chairman and chief investment officer of Miller Value Partners has been a big believer in the cryptocurrency for several years. At $41,000, it is up substantially from the nearly $15,000 mark it was at during one of Miller's previous appearances on CNBC's "Exchange Exclusive" in early November.
"One of the things that is interesting about bitcoin is that it gets less risky the higher it goes," he said. "That is the opposite of what happens with most stocks."
Miller went on to note that the cryptocurrency is a "supply and demand story."
"There are 900 new bitcoins created every day. It is estimated that PayPal (PYPL, Financial) and Square (SQ, Financial) alone, their customers, are buying all of those," he said. "Bitcoin's total supply is growing less than 2% a year and it's obvious by the price that demand is growing much, much faster than that. So as long as that obtains, bitcoin is likely to go higher, and perhaps considerably higher."
Miller also touched on his investment strategies for 2021.
Watch the full clip below.
Disclosure: No positions.
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