Bill Miller, an investor, has placed a large wager on Bitcoin. He devoted 50 percent of his personal net worth to Bitcoin and associated securities. He is an investor, fund manager, and philanthropist from the United States The Legg Mason Capital Management Value Trust. Despite the fact that Bitcoin (BTC) fell to multi-month lows below $40,000 in early January 2022, Bill Miller remains optimistic about the cryptocurrency.
During an interview with WealthTrack last Friday, Miller stated that he no longer considered himself to be merely a “watcher” of Bitcoin, but rather a “true Bitcoin bull.”
The wealthy investor now has half of his net worth invested in Bitcoin and related investments. He placed his assets in big industry firms such as Michael Saylor’s MicroStrategy and BTC mining firm Stronghold Digital Mining. This is according to Forbes magazine. Bill Miller is the founder of Miller Capital. Also, he was an early investor in Amazon. He stated that the company accounts for nearly 100 percent of the remainder of his portfolio.
Miller purchased his first Bitcoin in 2014 when the cryptocurrency was selling for about $200. Then added a “little bit more overtime” when the cryptocurrency reached $500. He claimed that the investor did not purchase it for several years, until BTC dropped around $30,000 after peaking at roughly $66,000 in April 2021.
It was at $30,000 this time, down from $66,000 the last time. Miller explained that the idea was that there are a lot more people utilizing it. In addition, it means a lot more money flowing in from the venture capital sector. He further added that he acquired a reasonable quantity in the $30,000 range.
Bill Miller believs that Bitcoin as an insurance policy against a financial catastrophe
In a statement, the billionaire investor stated that he saw Bitcoin as an insurance policy against a financial catastrophe. Furthermore, he sees Bitcoin as a formidable investing tool that has been outperforming gold recently. He also brought attention to the fact that Bitcoin is limited in supply, with just 21 million coins available for creation.
He added that the average investor should ask himself or herself what he or she has in their portfolio that has that kind of track record to be number one. Bitcoin can provide a service of insurance against financial catastrophe which no one else can provide. It can go up ten times or fifty times in value. While pouring as much as 50 percent of his or her assets into Bitcoin and related markets, Miller recommended that individual investors put at least 1 percent of their assets in Bitcoin.
Miller is presently celebrating his 40th year in the investing profession. He is the chief investment officer of Miller Value Partners. The company was created in 1999 while working for the financial behemoth Legg Mason & Company. The famed investor is credited with outperforming the S&P 500 for 15 consecutive years while working at Legg Mason. Furthermore, he reputedly controlled up to $70 billion.
By the end of 2008, Miller’s marquee fund, Legg Mason Capital Management Value Trust, had lost more than two-thirds of its value as a result of the financial crisis.