Market-beating fund manager and billionaire investor Bill Miller revealed in a video interview with WealthTrack that he is so bullish on bitcoin that it and investments tied closely to the crypto now represent 50% of his personal assets. Miller had previously invested heavily in bitcoin in funds that he managed, but his revelation about his personal portfolio was new, the billionaire revealed in a video interview with WealthTrack published on Friday.
Bill Miller started buying bitcoin at around $200 in 2014.
Bill Miller said he personally started buying bitcoin at around $200 in 2014 after hearing a talk by Wences Casares, known as the “Patient Zero” of bitcoin for introducing it to Silicon Valley circles, at the annual Sun Valley media and tech conference. He bought some more bitcoin over time but then didn’t buy it for years, until last year when the price hit new highs and then started to fall sharply, and he thought it was a good time to buy the dip.
Miller thinks bitcoin is best thought of as “digital gold” with a strictly limited supply.
The billionaire investor said he thinks bitcoin is best thought of as “digital gold” with a strictly limited supply and that he’s only recently allowed himself to be called a “bitcoin bull” rather than just a “bitcoin observer” because he feels that it’s now developed into a game-changing technology. Despite his own heavily concentrated position, the investor’s advice for average investors is to put 1% of their net worth in bitcoin, reasoning that “if you put 1% of your portfolio in it for diversification, even if it goes to zero, which I think is highly improbable, but of course possible, you can always afford to lose 1%.”