Legendary investor Bill Miller, who for 15 years successfully ran financial company Legg Mason Inc, has invested his capital in bitcoin and cryptocurrency-related large companies MicroStrategy and Stronghold Digital Mining. The billionaire attributes his optimism about crypto-assets to the popularization of bitcoin and the flow of venture capital into the industry.
He stated this in an interview with WealthTrack. Miller now considers himself not an observer, but a real “bitcoin bull” – that is, a trader who makes money from the growth of the crypto market.
The investor claims that he first invested in bitcoin back in 2014, buying some BTC coins when its rate reached $200. He hasn’t bought the first cryptocurrency for a long time since then, but started investing in bitcoin again in 2021, when its rate dropped to $30,000 after an April record.
“The reason is that (now. – Ed.) a lot more people are using it, and a lot more money is coming from the venture capital world,” Bill Miller explained his position. Against this backdrop, he urged all investors to invest at least 1% of their savings in bitcoin.
The investor called the first cryptocurrency “an insurance against financial disaster” and a unique economic unit, the advantage of which is its issue, limited to only 21 million coins. He also reminded that BTC is ahead of gold in terms of growth.
Bill Miller: who he is and what he is known for
Miller is known for the fact that under his leadership, asset management company Legg Mason Inc. led the S&P 500 stock index for 15 years. Amid the global financial crisis in 2008, his Legg Mason Capital Management Value Trust lost two-thirds of its capital.
The man now serves as chief investment officer at Miller Value Partners, which he founded. That hedge fund was one of the best-performing funds in history in 2019, with a return of 119 percent.
The businessman previously claimed that his investment in bitcoin exceeded his investment in Amazon stock. According to unofficial data, his stake is considered the largest after founder Jeff Bezos and his ex-wife Mackenzie Scott.
It is known that by 2018, Miller had invested more than $1 billion in bitcoin. And in 2021, he agreed that bitcoin is digital gold because the cryptocurrency is more convenient to use than any precious metal because it is easy to transfer anywhere in the world with a smartphone and the Internet.
Billionaire and one of Mexico’s richest men, Ricardo Salinas Pliego, also calls for investing in bitcoin. In addition, with global inflation and the depreciation of fiat currency, he advises against the use of paper money.