Legendary investor Bill Miller first purchased Bitcoin in 2012 when its price was around $200, inspired by entrepreneur Wences Casares's insights on its potential.

Miller's interest was further fueled by Casares's discussions on economic instability in Argentina, where Bitcoin was framed as 'digital gold' and a hedge against inflation.

As demand for Bitcoin increases, Miller believes its price can continue to rise since its supply cannot be increased, unlike gold, which can be produced more when prices are high.

Miller recalls Casares suggesting an allocation of 1% of liquid assets into Bitcoin, highlighting the significant price increase it has experienced over the past two years.

He forecasts that within the next three to five years, financial advisors will likely suggest a 1% to 3% allocation to Bitcoin in investment portfolios.

He emphasizes Bitcoin's fixed supply, which is unaffected by changes in demand or price, setting it apart from traditional currencies and commodities like gold.

Miller predicts that these characteristics will lead to a majority of financial advisors recommending Bitcoin as part of their clients' investment strategies.

Earlier this year, JPMorgan reported that Bitcoin's portfolio allocation is 3.7 times greater than gold's when adjusted for volatility.

Miller also pointed out that Bitcoin has not required bailouts during economic crises, contrasting it with traditional financial systems reliant on central bank interventions.