Billionaire investor Bill Miller puts 50% of net worth in Bitcoin

Investor
Bill
Miller
is
bullish
on
Bitcoin
(BTC)
despite
the
cryptocurrency
touching

multi-month
lows
below
$40,000

in
early
January
2022.

Miller
no
longer
considers
himself
just
a
“Bitcoin
observer”
but
rather
a
real
Bitcoin
bull,
as
he

said

in
a
WealthTrack
interview
last
Friday.

The
billionaire
investor
now
holds
50%
of
his
net
worth
in
Bitcoin
and
related
investments
in
major
industry
firms
like

Michael
Saylor
’s
MicroStrategy
and
BTC
mining
firm
Stronghold
Digital
Mining.
An
early
Amazon
investor,
Miller
owns
almost
100%
of
the
rest
of
his
portfolio
in
Amazon,
he
noted.

Miller
bought
his
first
Bitcoin
back
in
2014
when
BTC
was
trading
around
$200
and
then
purchased
a
“little
bit
more
overtime”
when
it
became
$500.
The
investor
did
not
buy
it
for
years
until
BTC
plummeted
to
$30,000
after

hitting
around
$66,000

in
April
2021,
he
said.

“This
time
I
started
buying
it
again
at
$30,000,
down
from
$66,000
and
the
reasoning
was
there’s
a
lot
more
people
using
it,
there’s
a
lot
more
money
coming
in
from
the
venture
capital
world,”
Miller
stated,
adding
that
he
bought
a
“fair
amount
in
the
$30,000
range.”

The
billionaire
investor
noted
that
he
looks
at
Bitcoin
as
an
“insurance
policy
against
a
financial
catastrophe”
as
well
as
a
powerful
investment
tool
that
has
been
outstripping
gold.
He
also
pointed
out
Bitcoin’s
scarcity,
meaning
that
only

21
million
Bitcoin
can
be
created
.

While
pouring
as
much
as
50%
in
BTC
in
related
markets,
Miller
recommended
individual
investors
to
put
at
least
1%
of
their
assets
in
Bitcoin,
stating:

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

number
one;
is
very,
very
underpenetrated;
can
provide
a
service
of
insurance
against
financial
catastrophe
that
no
one
else
can
provide;
and
can
go
up
ten
times
or
fifty
times.
The
answer
is:
nothing.”



Related:




Billionaire
Ray
Dalio
recommends
‘reasonable’
1%–2%
Bitcoin
allocation

Now
celebrating
his
40th
anniversary
in
the
investment
business,
Miller
currently
serves
as
chief
investment
officer
at
Miller
Value
Partners,
a
company
he
founded
back
in
1999
while
working
at
investment
giant
Legg
Mason.
The
legendary
investor
is
known
for
beating
S&P
500
for
15
consecutive
years
with
Legg
Mason,
where
he
reportedly

controlled

up
to
$70
billion.

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

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