Despite the leading digital asset (BTC) trading at sub-$40k levels this month, celebrated investor Bill Miller remains bullish about BTC.
Getting A Skin In The Game
Speaking at a WealthTrack interview on January 7, Miller says, “I am no longer a BTC observer; I am a BTC bull now.” The legendary billionaire’s investment portfolio now consists of 50% of BTC and other crypto-related assets under management, such as investments in Microstrategy (a popular crypto asset management firm) and Stronghold Digital Mining (a crypto mining company).
Miller remarked that the remainder of his investments are Amazon shares, as he was an early investor in the multi-billionaire retail giants. Miller’s first BTC purchase was eight years ago when the leading cryptocurrency was still trading at about $200. Then, he made some additional purchases when BTC was trading at about $500. However, he didn’t make any further purchase until last year, when BTC dipped to $30K after trading at almost $66.5k in Q1 2021.
While Miller didn’t specify the worth of BTC he bought at the $30k range, he stated that his purchase decision was based on the rising number of people who started using it. He reasoned that the venture capital space would make people more money. He further remarked that he considers BTC a strong investment tool (which statistics show has been better than gold) and an anti-financial disaster plan.
He added that BTC’s scarcity is also another important factor he considered saying, “since over 21m BTC can’t be mined, it only makes sense to buy now since its price will be sky high once that amount is reached.”
Having Crypto-Related Investments
Commenting on his decision to own half of its investment portfolio in crypto-related investments, the legendary billionaire suggested that true investors earmark a minimum of 1.5% of their investments for crypto investments. He stated that “I always ask investors to ask themselves whether they have an investment portfolio that matches or is better than BTC.”
“They only need to consider two yardsticks. One, the asset can come in handy in times of financial disaster. Also, the asset can increase multiple folds both in the short-term and long-term. The truth is, no investment asset can fulfill both criteria,” he further added.
Making Giant Strides In The Investment World
The billionaire Miller value partners are his main business right now as he celebrates his 40 years of being in the investing world. Miller founded his 23-year old company while being an employee with Legg Mason (a top investment firm).
Miller was famed for outperforming the S&P 500 for 16 successive years while at Legg Mason, and he was also known for managing more than $75B worth of assets at that time. Sadly, the 2008 financial crisis wiped off 67% of Miller’s signature fund (the Legg Mason capital management value trust). Miller joins millions of other investors (notably, Micheal Saylor, Brian Armstrong, and Barry Silbert) in the crypto investment revolution.
