He elaborated saying that Bitcoin has “been around for 13 years and with each passing day it picks up more of its stabilization. Frankly, if the gold bet works, the Bitcoin bet will probably work better because it’s thinner, more illiquid and has a lot more beta to it.”
Another legendary investor, Bill Miller of Miller Value Partners told CNBC last last week that “the risks of Bitcoin going to zero are lower than they’ve ever been before” and predicted more institutional investment in the cryptocurrency. “The Bitcoin story is very easy. It’s supply and demand,” Miller said. “Bitcoin’s supply is growing around 2.5% a year and the demand is growing faster than that.”
Miller, who serves on the investment committee for the endowment of Johns Hopkins University, said the endowment’s chief investment officer told him that “everybody is going to want to own at least some bitcoin because of its asymmetric properties.”
It seems with the recent wave of legendary investors seeing the value around Bitcoin, it is only a matter of time before institutions start arriving in full force.