Billionaire Investor Bill Miller Now Has 50% of His Personal Wealth in Bitcoin

Market-beating money manager and billionaire Bill Miller is truthful bullish connected bitcoin that it and investments tied intimately to the crypto present correspond 50% of his idiosyncratic assets, helium revealed successful a video interrogation with WealthTrack published connected Friday.

Miller, who gained fame for beating the S&P 500 scale for a record-breaking 15 years successful a enactment from 1991-2005 arsenic a money manager astatine Legg Mason, has antecedently invested heavy successful bitcoin successful funds that helium managed, but his revelation astir his idiosyncratic portfolio was new.

Miller said helium personally started buying bitcoin astir $200 successful 2014 aft proceeding a speech by Wences Casares, known arsenic the “Patient Zero” of bitcoin for introducing it to Silicon Valley circles, astatine the yearly Sun Valley media and tech conference.

He bought immoderate much bitcoin implicit clip but past didn’t bargain it for years, until past twelvemonth erstwhile the terms deed caller highs and past started to autumn sharply, and helium thought it was a bully clip to bargain the dip. Miller started buying again astatine $30,000, down from its precocious of conscionable nether $69,000, reasoning that determination were a batch much radical utilizing it, arsenic good arsenic VCs and others investing successful it.

Miller noted that a portion of his idiosyncratic bitcoin investments was successful companies tied intimately to its price, specified arsenic bitcoin miner Stronghold Digital (SDIG) and MicroStrategy (MSTR), which holds billions of dollars worthy of bitcoin connected its equilibrium sheet.

Miller said helium thinks bitcoin is champion thought of arsenic “digital gold” with a strictly constricted supply, and said that he’s lone precocious allowed himself to beryllium called a “bitcoin bull” alternatively than conscionable a “bitcoin observer” since helium feels that it’s present developed into a game-changing technology.

Despite his ain heavy concentrated position, Miller’s proposal for the mean capitalist is to enactment 1% of their nett worthy successful bitcoin, reasoning that “if you enactment 1% of your portfolio successful it for diversification, adjacent if it goes to zero, which I deliberation is highly improbable, but of people possible, you tin ever spend to suffer 1%.”

His main rationale for that proposal is that bitcoin represents a precise unsocial concern close now.

“I deliberation the mean capitalist should inquire himself oregon herself what bash you person successful your portfolio that has that benignant of way grounds – fig one, is very, precise under-penetrated; tin supply a work of security against fiscal catastrophe that nary 1 other tin provide; and tin spell up 10 times oregon 50 times. The reply is: nothing.”