Billionaire Bill Miller invests 50% of his net worth in Bitcoin

Despite the flagship cryptocurrency hitting late-September lows of under $ 40,000 in early 2022, investor Bill Miller is bullish on Bitcoin (BTC).

As he relates in a WealthTrack interview last Friday, Miller no longer considers himself just an “observer”, but rather a true Bitcoin bull.

The billionaire investor now holds 50% of his net worth in Bitcoin and related investments in major companies in the industry, as MicroStrategy by Michael Saylor and the mining company Stronghold Digital Mining. Miller, one of the first investors in Amazon, owns almost all of the rest of his portfolio in shares of the multinational.

Miller bought his first Bitcoins in 2014, for $ 200 a coin, and subsequently “something extra“when it hit $ 500. The investor also reported not buying any further for years, until it plummeted to $ 30,000 between May and June 2021.

This time I started buying around $ 30,000 again, while correcting from $ 66,000. This is because there are now a lot more people using it and a lot more money coming from the venture capital world“says Miller, adding that he bought a”fair amount in the $ 30,000 range“.

The billionaire investor considers Bitcoin a “insurance policy against a financial disaster“, as well as a powerful investment tool that has surpassed gold. He also highlighted the scarcity of Bitcoin, highlighting that only 21 million Bitcoins will ever be able to be mined.

Miller recommends that retail investors allocate at least 1% of their assets in Bitcoin, stating:

“I think the average investor needs to ask himself what’s in his portfolio that has the same kind of proven solidity. It’s very, very underpenetrated; it can represent insurance against a financial catastrophe that no other asset can provide; it can grow ten. or fifty times. The answer is: nothing else. “

Related: Billionaire Ray Dalio recommends a “reasonable” 1% -2% allocation in Bitcoin

For 40 years in the investment industry, Miller currently serves as chief investment officer at Miller Value Partners, a company he founded in 1999 while working for investment giant Legg Mason. The legendary investor is also known for earning on the S&P 500 for 15 consecutive years with Legg Mason, for which he managed up to $ 70 billion.

Nonetheless, at the end of 2008 Miller’s fund, Legg Mason Capital Management Value Trust, lost two-thirds of its value due to the financial crisis.

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