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

Investor Bill Miller is bullish on Bitcoin (BTC) regardless of the cryptocurrency touching multi-month lows beneath $40,000 in early January 2022.

Miller now not considers himself only a “Bitcoin observer” however somewhat an actual Bitcoin bull, as he stated in a WealthTrack interview final Friday.

The billionaire investor now holds 50% of his net worth in Bitcoin and associated investments in main business corporations like Michael Saylor’s MicroStrategy and BTC mining agency Stronghold Digital Mining. An early Amazon investor, Miller owns nearly 100% of the remainder of his portfolio in Amazon, he famous.

Miller purchased his first Bitcoin again in 2014 when BTC was buying and selling round $200 after which bought a “little bit more overtime” when it turned $500. The investor didn’t purchase it for years till BTC plummeted to $30,000 after hitting round $66,000 in April 2021, he stated.

“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 acknowledged, including that he purchased a “fair amount in the $30,000 range.”

The billionaire investor famous that he appears to be like at Bitcoin as an “insurance policy against a financial catastrophe” in addition to a strong funding device that has been outstripping gold. He additionally identified Bitcoin’s shortage, that means that solely 21 million Bitcoin will be created.

While pouring as a lot as 50% in BTC in associated markets, Miller beneficial particular person traders to place not less than 1% of their belongings 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 fortieth anniversary in the funding enterprise, Miller presently serves as chief funding officer at Miller Value Partners, an organization he based again in 1999 whereas working at funding large Legg Mason. The legendary investor is understood for beating S&P 500 for 15 consecutive years with Legg Mason, the place he reportedly managed as much as $70 billion.

Miller’s signature fund, Legg Mason Capital Management Value Trust, misplaced two thirds of its worth resulting from a monetary disaster by the tip of 2008.