Share this article
Bitcoin Is 'Less Risky the Higher It Goes,' Says Investor Bill Miller on CNBC
"That's the opposite of what happens with most stocks," the mutual fund legend added.
By Zack Voell
Updated Sep 14, 2021, 10:53 a.m. Published Jan 8, 2021, 6:54 p.m.
Mutual fund titan Bill Miller is talking bitcoin again.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
"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 waitlist for the service less than a month later, citing overwhelming demand.
See also: Veteran Investor Bill Miller Says Every Major Investment Bank Will Own Bitcoin or Something Like It
"For those people who are waiting for the pullback, they got it in the first quarter. You could have bought bitcoin at $4,000 in the first quarter," Miller noted, referencing bitcoin's nearly 50% intraday crash in March 2020.
But amid bitcoin's more than 300% rally in 2020, extended by an additional 40% gain already in 2021, Miller said the price of these returns is the asset's volatility.
"You have to expect that it's going to be very, very volatile," Miller told CNBC. "If you can't take the volatility, you probably shouldn't own it. But its volatility is the price you pay for its performance."
Still, Miller said earlier this week he thinks markets are underpricing bitcoin's value proposition as a potential inflation hedge, calling it cash's "rat poison," a term Warren Buffett famously applied to bitcoin with an entirely opposite connotation.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Robinhood Stock Slides 8% After Big Decline in November Trading Volumes
Slumps across equity, options and crypto trading in November raised concerns that retail investor momentum may be fading.
What to know:
- Robinhood reported a sharp drop in trading volumes across equities, options and crypto in November.
- The company's total platform assets also fell 5% month-over-month to $325 billion.
- The slowdown in trading activity raised investor concerns that retail engagement may be fading heading into year-end.
Top Stories
