Bill MillerThinkers

Bitcoin is a shockingly scarce resource — If each of the 47 million millionaires in the world today wanted to own one Bitcoin, they couldn't -- there are only 21 million of them.

Bitcoin is far superior as a payment network over credit card companies in terms of transaction fees, enabling more exchange (better for the market) and also would enable micropayments in markets that cannot pay today’s level of fees per transaction

Bitcoin is somewhat paradoxical in respect to its value. It will become more stable as a viable means of exchange and as a store of value (i.e. it will have use-value) as its price runs higher (i.e. it’s lack of use-value setting the stage for its use-value).

Bitcoin is the opposite of most stocks in that it gets less risky the higher it goes (because, once it stabilizes, it will be used as a medium of exchange rather than a speculative asset).

Bitcoin is the solution to the problem of government monopoly over the money supply and the banking systems, which leads to serial defaults, confiscation with nationalization, inflation, and 25% money growth (even in the U.S).

Bitcoin is valuable both as a result of the first-mover effect (it was first) and the network effect (it’s known and used widely).