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Bill Miller now has 50% of his wealth in Bitcoin

Bill Miller, a market-beating fund manager, and millionaire, stated in a video interview with WealthTrack broadcast on Friday that Bitcoin now accounts for 50% of billionaire investor Bill Miller’s assets.

Miller considers bitcoin to be “digital gold” with a finite supply, and he has only recently permitted himself to be referred to as a “Bitcoin bull” rather than a “Bitcoin observer” because he feels it has developed into a game-changing technology.

Bitcoin now accounts for 50% of billionaire investor Bill Miller’s assets

Bill Miller now has 50% of his wealth in Bitcoin

Image Source: Coin Desk

Miller, who rose to prominence as a fund manager at Legg Mason for topping the S& P 500 index for a record-breaking 15 years in a row from 1991 to 2005, had previously invested extensively in bitcoin in funds he managed, but his disclosure about his holdings was surprising.

After hearing a session by Wences Casares, regarded as the “Patient Zero” of Bitcoin for bringing it to Silicon Valley circles, at the annual Sun Valley media and innovation conference in 2014, Miller claimed he started buying bitcoin for around $200.

He continued to buy bitcoin throughout time, but not for years, until last year when the price reached new highs and then began to fall quickly, and he decided it was a good moment to buy the dip. Miller began buying again at $30,000, down from a peak of just under $69,000, based on the fact that there were a lot more individuals using it, as well as venture capitalists and others investing in it.

Miller stated that a portion of his Bitcoin investments was in companies that were tightly related to the price of bitcoin, such as bitcoin miner Stronghold Digital (SDIG) and software firm MicroStrategy (MSTR), which had billions of dollars in bitcoin on its balance sheet.

Miller believes bitcoin is best viewed as “digital gold” with a strictly limited quantity, and that he has only lately allowed himself to be referred to as a “Bitcoin bull” rather than just a “Bitcoin watcher” because he believes it has matured into a game-changing technology.

Despite his own highly concentrated position, Miller advises average investors to put 1% of their net worth in Bitcoin for diversification, arguing that “if you put 1% of your portfolio in it for diversification, even if it goes to zero, which I think is highly unlikely but of course possible, you can always afford to lose 1percent.”

His key justification for this suggestion is that Bitcoin is a one-of-a-kind investment.

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Also read: Kim Kardashian, Mayweather, Pierce sued for Ethereum Max promotion

 

 

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