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

Investor Bill Miller is bullish connected Bitcoin (BTC) contempt the cryptocurrency touching multi-month lows beneath $40,000 successful aboriginal January 2022.

Miller nary longer considers himself conscionable a “Bitcoin observer” but alternatively a existent Bitcoin bull, arsenic helium said successful a WealthTrack interrogation past Friday.

The billionaire capitalist present holds 50% of his nett worthy successful Bitcoin and related investments successful large manufacture firms similar Michael Saylor’s MicroStrategy and BTC mining steadfast Stronghold Digital Mining. An aboriginal Amazon investor, Miller owns astir 100% of the remainder of his portfolio successful Amazon, helium noted.

Miller bought his archetypal Bitcoin backmost successful 2014 erstwhile BTC was trading astir $200 and past purchased a “little spot much overtime” erstwhile it became $500. The capitalist did not bargain it for years until BTC plummeted to $30,000 aft hitting astir $66,000 successful April 2021, helium said.

“This clip I started buying it again astatine $30,000, down from $66,000 and the reasoning was there’s a batch much radical utilizing it, there’s a batch much wealth coming successful from the task superior world,” Miller stated, adding that helium bought a “fair magnitude successful the $30,000 range.”

The billionaire capitalist noted that helium looks astatine Bitcoin arsenic an “insurance argumentation against a fiscal catastrophe” arsenic good arsenic a almighty concern instrumentality that has been outstripping gold. He besides pointed retired Bitcoin’s scarcity, meaning that lone 21 cardinal bitcoins tin beryllium created.

While pouring arsenic overmuch arsenic 50% successful BTC successful related markets, Miller recommended idiosyncratic investors to enactment astatine slightest 1% of their assets successful Bitcoin, stating:

“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 underpenetrated; 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.”

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

Now celebrating his 40th day successful the concern business, Miller presently serves arsenic main concern serviceman astatine Miller Value Partners, a institution helium founded backmost successful 1999 portion moving astatine concern elephantine Legg Mason. The legendary capitalist is known for beating S&P 500 for 15 consecutive years with Legg Mason, wherever helium reportedly controlled up to $70 billion.

Miller’s signature fund, Legg Mason Capital Management Value Trust, mislaid 2 thirds of its worth owed to a fiscal situation by the extremity of 2008.