Renowned value investor Bill Miller has revealed that he has invested 50% of his personal funds in bitcoin (BTC) and several other crypto assets, leveraging his crypto investments.
Miller, Founder and Chief Investment Officer of Miller Value Partners, initially invested in the best cryptocurrency in 2014, then started buying it again last spring amid renewed interest from venture capitalists.
In a recent interview with Consuelo Mack of WealthRack, Miller said:
“I think the average investor should be wondering what you have in your portfolio that has that kind of history – number one; is very, very underpenetrated; can provide a financial catastrophe insurance service that no one else can provide; and can go up ten times or fifty times. The answer is: nothing.
Miller, who holds the record for beating the S&P 500 index for 15 consecutive years in the years 1991 to 2005 with Legg Mason Capital Management Value Trust, admitted that his crypto investments go “against many principles of financial discipline,” but added that some of the wealthiest people in the United States – such as Amazonit’s Jeff Bezos, Metaby Mark Zuckerberg and Berkshire Hathaway‘s Warren Buffet – are also “highly focused” in their investments.
Explaining his decision to invest so much in cryptocurrencies, Miller referred to a conference where he listened to a speech by Wences Casares, CEO of crypto wallet. Xapo. Casares said investors in unstable economies see bitcoin as a way to protect their wealth from hyperinflation, the nationalization of banks and governments seizing their assets, according to Miller.
“I bought [in 2014], and I bought a few more over time, and it became $ 500. Then I stopped buying it. And I didn’t buy it for years until the spring of [2021]. It hit a high price of $ 66,000 and then in four weeks it was halved, ”he said.
According to Miller, he has resumed buying BTC at $ 30,000, his reasoning being that “there are a lot more people using it, there is a lot more money coming out of the venture capital world.”