Investor Bill Miller is bullish on Bitcoin (BTC) despite the cryptocurrency hitting multi-month lows below $ 40,000 in early January 2022.
Miller no longer considers himself just a “Bitcoin watcher,” but a true Bitcoin bull, as he said in a WealthTrack interview last Friday.
The billionaire investor now has 50% of his net worth allocated to Bitcoin and related investments at leading companies in the sector such as Michael Saylor’s MicroStrategy and BTC’s mining company Stronghold Digital Mining. Miller, who was one of the first investors in Amazon, owns almost 100% of the rest of his portfolio in this company.
Miller bought his first Bitcoin back in 2014 when BTC was trading around $ 200 and then bought “a little more” when it hit $ 500. The investor didn’t buy for years until the cryptocurrency plummeted to $ 30,000 after that. reach a price of $ 66,000 in April 2021, he said.
“This time I started to buy it again at USD 30,000, down from USD 66,000, and the reasoning was that there are many more people using it, there is much more money coming from the world of venture capital”, Miller stated, adding that he bought a “good amount in the $ 30,000 range.”
The billionaire investor noted that regards Bitcoin as an “insurance policy against a financial catastrophe”, as well as a powerful investment tool that has outperformed gold. He also pointed out the scarcity of Bitcoin, which means that only 21 million bitcoins can be created.
While you invest up to 50% of your wealth in BTC and related markets, Miller recommended individual investors to put at least 1% of their assets in Bitcoin, stating:
“I think the average investor should ask themselves what they have in their portfolio that has that kind of track record – number one; they have very, very little penetration; they can provide a financial catastrophe insurance service that nothing else can provide; and they can go up ten. times or fifty times. The answer is: nothing. “
Today, Miller is celebrating his 40th anniversary in the investment business and is the chief investment officer for Miller Value Partners, a company he founded in 1999 while working at investment giant Legg Mason. The legendary investor is known to have beaten the S&P 500 for 15 years in a row with Legg Mason, where he reportedly controlled up to $ 70 billion.
Miller’s flagship fund, Legg Mason Capital Management Value Trust, lost two-thirds of its value due to the financial crisis in late 2008.
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