Legendary Investor, Bill Miller has recently revealed on Friday, January 7, 2020 that 50% of his total investment portfolio and net worth is in Bitcoin and other cryptocurrencies.
Miller spoke about this in a nearly hour-long interview with the popular finance platform, WealthTrack.
He mentioned that he first bought Bitcoin about 8 years ago in 2014, when it was still trading for $200.
He purchased more Bitcoin throughout 2014 until the cryptocurrency’s value rose to about $500. He stopped buying at that price.
He continued buying Bitcoin again in 2021 when the coin was close to the $30,000 mark after an all-time high (ATH) of $66,000.
Ironically, Miller used to be very skeptical about Bitcoin and other cryptocurrencies. He described himself as a “Bitcoin Observer.” When asked about what caused his change of heart, he said,
“My reasoning was there are a lot more people using it now. There’s a lot more money going into it in the venture capital world. There are a lot of people who are skeptics, who are, now, at least, trying it out.”
Just like the self-proclaimed Wolf of Wall Street, Jordan Belfort and other Bitcoin bulls, Miller has likened Bitcoin to digital gold and believes that it can help to decrease inflation in the United States.
Miller also dropped a bit of advice for those still skeptical about investing in crypto.
According to him, “I think the average investor should ask himself or herself what do you have in your portfolio that has that kind of track record – number one; is very, very underpenetrated; can provide a service of insurance against a financial catastrophe that no one else can provide, and can go up ten times or fifty times. The answer is nothing.
Miller, who is 72 years old, has been a professional investor for 40 years. He was the former chairman of Legg Mason Capital Management Value Trust, and became popular for consistently outperforming the S&P 500 for 15 consecutive years when he was with the investment giant.
He is currently the Chief Investment Officer at Miller Value Partners, the company which he founded back in 1999.
