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

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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 sees himself as just a “Bitcoin Watcher” but rather a true Bitcoin bull, as he put it in a WealthTrack interview last Friday.

The billionaire investor now owns 50% of his net worth in Bitcoin and related investments in large industry companies such as Michael Saylor’s MicroStrategy and mining company BTC Stronghold Digital Mining. One of Amazon’s early investors, Miller owns nearly 100% of the rest of his portfolio on Amazon, he noted.

Miller bought his first Bitcoin in 2014, when BTC was trading around $ 200, then bought “a little more overtime” when it turned into $ 500. The investor didn’t buy it for years until BTC fell 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 that there were a lot more people using it, that there was a lot more money coming from. in the venture capital world, “Miller said, adding that he had bought a” fair amount of around $ 30,000.

The billionaire investor noted that he views Bitcoin as a “financial catastrophe insurance policy” as well as a powerful investment tool that has surpassed gold. He also pointed out the scarcity of Bitcoin, which means that only 21 million Bitcoin can be created.

While paying up to 50% BTC in related markets, Miller recommended that individual investors place at least 1% of their assets in Bitcoin, stating:

“I think the average investor should be wondering what you have in your portfolio that has that kind of performance history – number one; is very, very underpenetrated; can provide a financial catastrophe insurance service 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 industry, Miller is currently Chief Investment Officer at Miller Value Partners, a company he founded in 1999 while working for investment giant Legg Mason. The legendary investor is known to have beaten the S&P 500 for 15 consecutive years with Legg Mason, where he is said to have 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 in late 2008.

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