Bill Miller, one of Wall Street’s “older” investors, has once again expressed his belief in Bitcoin’s potential despite the currency’s recent volatility.
On Wall Street, Bill Miller is known as one of the “legends” of the American investment village, who once managed money up to $ 70 billion when the investment fund Legg Mason where he worked as an investment director. Investors have had 15 consecutive years of higher returns than the S&P 500 index of US stocks. As of 2021, Mr. Miller has 40 years of experience investing in all types of assets.
In an interview conducted on November 8, Miller stated that he is no longer an “observer” of the cryptocurrency market, but has become a true believer in Bitcoin.
The billionaire revealed that he has allocated up to 50% of his personal wealth to the world’s largest cryptocurrency and the shares of Bitcoin-related companies such as MicroStrategy and mining firm Stronghold Digital Mining. Also, having been an Amazon investor since day one, the entire rest of Mr. Miller’s portfolio is in AMZN stock.
Billionaire and famed investor, Bill Miller explaining why 50% of his personal portfolio is in #Bitcoin
“Its trajectory…like the printing press, steam engine, railroad, automobile, or electricity…a well understood path for the adoption of new tech”pic.twitter.com/XH4jWJM9LV
— Documenting Bitcoin 📄 (@DocumentingBTC) January 10, 2022
Mr. Miller first bought Bitcoin in 2014, when BTC was only worth $200, then continued to “fall in money” when the coin surpassed the $500 mark. Investors “forgotten” about this amount until Bitcoin corrected to $30,000 in May 2021, then returned to the market and bought a large amount of BTC around that price range.
The reason for that move, according to Mr. Miller, is that Bitcoin has been used more, as well as has a huge backing cash flow from institutional investors. In addition, the billionaire also said that Bitcoin is “an insurance against financial risks” and is an optimal investment choice than gold. Therefore, Mr. Miller advises individual investors to spend at least 1% of their assets on Bitcoin.
“I think every investor should ask themselves if there are assets in their portfolio that have these characteristics, either not yet widely available, or second, insurable against financial risk. main and third can increase the price 10, 50 times. Definitely not.”
Despite this, Bitcoin has continuously returned a reversal signal in the past time since peaking at $69,000 in November 2021. On the evening of January 10, the world’s largest cryptocurrency fell to $ 39,650, the lowest price in the past 4 months.
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