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Bill Miller puts 50% of net worth in Bitcoin

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Legendary billionaire investor and founder of Miller Value Partners, Bill Miller, told that he invested 50% of his personal savings in Bitcoin (BTC) and altcoins in a WealthTrack interview.

According to him, he acquired a significant part of the digital gold at the level of $30,000. The investor bought the first Bitcoin at around $200 in 2014 and has been periodically buying coins since then.

Miller, an early Amazon investor, owns nearly all of the rest of his holdings in Amazon, he stressed. Moreover, he called the first cryptocurrency a unique economic unit, the supply of which does not depend on demand. Bitcoin, according to the wealthy investor, is an “insurance policy against a financial catastrophe”. As well as a great investment tool that has outperformed gold.

Miller advised individual investors to put at least 1% of their assets in Bitcoin

While investing up to 50% in BTC in connected markets, Miller advised individual investors to put at least 1% of their assets in Bitcoin, according to the statement.

“I think the average investor should ask himself or herself what do you have in your portfolio that has that kind of track record – number one; is very, very underpenetrated; can provide a service of insurance against financial catastrophe that no one else can provide; and can go up ten times or fifty times. The answer is: nothing.”

On Monday, January 10, Bitcoin quotes fell below $41,000. In addition, the capitalization of the asset is $795 billion, according to CoinGecko.

The chances of success of “10K existing tokens and other things” are extremely small

Recall that in October, the billionaire called Bitcoin digital gold; and compared his bet on it to buying Amazon shares during the collapse of the dot-com bubble. He also questioned the success of most altcoins.

According to the billionaire, he purchased the tech giant’s securities at an average price of $17 more than 20 years ago. The first cryptocurrency cost him an average of $ 500 per coin, he said.

Regarding altcoins, Miller noted that the chances of more than “10,000 existing tokens and other things” being successful are extremely small. “Bitcoin, Ethereum and some others will probably exist for some time,” he added.

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