Besides the bituminous binder (foamed bitumen or bituminous emulsion) cement is often added into the cold recycled mixes as well. That is because cement improves moisture susceptibility and provides sufficient strength and stiffness especially during the early stage of mix curing. This article is focused on investigation of the potential of cement substitution by the micro-milled recycled concrete. The waste concrete is simply milled by a high speed mill which causes its mechanical activation. The results of performed measurements show a very positive influence of the micro-milled concrete on moisture susceptibility in the first place. The impact on the strength and stiffness is lower than the influence of cement, however all tested mixes met the requirements for cold recycled mixes with a huge reserve. Besides that, thanks to a slower initial strength increase, the problem with hydraulic cracks origin typical for mixes with cement is eliminated.