Bill Miller says the surge of attention generated by bitcoin's frenzied rally could ignite further gains by encouraging corporate treasurers to use the cryptocurrency for diversification.

"If inflation picks up, or even if it doesn't, and more companies decide to diversify some small portion of their cash balances into bitcoin instead of cash, then the current relative trickle into bitcoin would become a torrent," Miller of Miller Value Partners LLC wrote in a blog post published January 5.

Miller joins a growing but still small chorus of names suggesting bitcoin could be a part of corporate treasuries, something a handful of companies have already taken up. MicroStrategy Inc.'s Michael Saylor set the trend off last year when he said the Federal Reserve's relaxing of its inflation policy helped convince him to invest the enterprise-software maker's cash into bitcoin. Long-time crypto advocate Jack Dorsey's Square Inc. has put about $50 million in bitcoin.

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