When asked what his 'one investment' for a long-term diversified portfolio, legendary value-investor Bill Miller likely shocked a few dyed-in-the-wool marketwatchers when he said just one word: Bitcoin.

Miller argues that bitcoin provides an insurance to financial catastrophe that no other asset can provide and is the only investment that can increase in value by ten or 50 times.

"I think the average investor should ask himself or herself: what do you have in your portfolio that has that kind of track record:

is very, very under-penetrated;

can provide a service of insurance against financial catastrophe that no one else can provide and;

can go up 10 times or 50 times?

The answer is: nothing."