Mutual fund titan Bill Miller is talking bitcoin again.

“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 flurry of retail and institutional investors scooping up enormous chunks of available supply.

Some of those large investments have come from firms like technology firm 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.

“For those people who are waiting for the pullback, they got it in the first quarter. You could have bought bitcoin and $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 assets.

“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.”

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