Billionaire Bill Miller Puts 50% of His Assets in Bitcoin

Investor Bill Miller is betting big on Bitcoin, allocating 50% of his personal wealth to BTC and related stocks.

From ‘Bitcoin Observer’ to Bitcoin Proponent

Belegger Bill Miller is bullish over Bitcoin (BTC), despite the cryptocurrency hitting lows below $40,000 in early January 2022.

Miller no longer considers himself just a “Bitcoin Observer” but rather a real Bitcoin bull.

The billionaire investor now has 50% of his assets in BTC and related investments in major industrial companies. These include MicroStrategy and BTC mining company Stronghold Digital Mining. Miller, an early Amazon investor, has invested nearly 100% of the rest of his portfolio in Amazon, he noted.

Miller bought his first BTC in 2014 when BTC was trading around $200. He then bought some more BTC when it was worth $500. After that, he didn’t buy anything for years until BTC plummeted to $30,000.

“I started buying BTC for $30,000 again. This was after the drop from $66,000 and the rationale was that a lot more people are using Bitcoin, a lot more money is coming in from the venture capital world,” Miller said.

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Miller bullish over Bitcoin

The billionaire investor noted that he views Bitcoin as an “insurance policy against a financial catastrophe”. He also sees it as a powerful investment tool that surpasses gold. He also pointed to Bitcoin’s scarcity, as only 21 million BTC can be created.

While depositing as much as 50% in BTC in related markets, Miller advised individual investors to put at least 1% of their assets in Bitcoin. He said the following about it:

“I think the average investor should ask themselves what you have in your wallet with a track record as similar as Bitcoin. It can provide an insurance service against financial disaster that no one else can provide and it can go up to ten times or fifty times. The answer is: nothing.”

Miller is now celebrating his 40th anniversary in the investment business. He is currently Chief Investment Officer at Miller Value Partners. This is the company he founded in 1999 while working at investment giant Legg Mason. The legendary investor is known for beating the S&P 500 for 15 consecutive years with Legg Mason. He reportedly had $70 billion.

His fund, Legg Mason Capital Management Value Trust, lost two-thirds of its value at the end of 2008 as a result of the financial crisis.

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