The famous investor Bill Miller revealed to have invested 50% of his personal funds in Bitcoin (BTC) and several other crypto-assets.
Miller, Founder and Chief Investment Officer of Miller Value Partners, had initially invested in the first cryptocurrency on the market in 2014, then resumed its acquisitions last spring, amid renewed interest from venture capital firms.
In a recent interview with Consuelo Mack of WealthRack, Miller said:
“I think the average investor should ask themselves which asset in their portfolio has the same characteristics and track record: first, low penetration; second, can provide protection against financial catastrophe than any other asset. can not provide; and finally can register an increase in the range of ten times to fifty times. The answer is: nothing “.
Miller, who holds the record for beating the index S&P 500 for 15 consecutive years in the years 1991 to 2005 with the fund Legg Mason Capital Management Value Trust, admitted that its cryptocurrency investments “go against many principles and rules of financial discipline,” but added that some of the wealthiest people in the United States – like Jeff Bezos ofAmazon, Mark Zuckerberg of Meta and Warren Buffet of Berkshire Hathaway – are also “very concentrated” in their investments.
To explain his decision to invest so heavily in cryptocurrencies, Miller referred to a conference during which he listened to the speech of Wences Casares, CEO of the crypto wallet Xapo. Casares said investors in unstable economies view bitcoin as a means to safeguard their wealth against hyperinflation, nationalization of banks and governments seizing their assets, according to Miller.
“I bought some [en 2014], and I bought a few more over time, and it became $ 500. Then I stopped buying it. And I didn’t buy one for years, until just the spring of [2021]. It hit a hefty price tag of $ 66,000 and then in four weeks it was halved, “he said.
He started buying BTC again at $ 30,000, his reasoning being that “there are a lot more people using it, there is a lot more money coming in from the venture capital industry.”
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