Billionaire investor, Bill Miller, recently revealed that half of his net worth is now in Bitcoin, also in stock in firms related to cryptocurrency
Bill Miller is a renowned investor in the United States. The business mogul was born in the year 1950 and had his university education at Washington and Lee University where he graduated with honors in 1972. Miller’s enthusiasm for finance isn’t recent as he majored back then in economics and later bagged a Ph.D. while working part-time in accounting.
While he got into Bitcoin as far back as 2014 with BTC at $200 to a unit, Bill Miller didn’t hop in full time into the BTC train until late last year when he started investing meaningful sums.
WealthTrack asked Bill to mention what investment he would recommend holding long term, he mentioned Bitcoin without flinching, maintaining that putting in 1 percent is pretty prudent.
In Bill’s opinion, every investor should ask themselves what assets they have in their portfolios that have Bitcoin’s kind of track record, is safe, can protect your hard-earned money from financial crises like no other, and has the tendency to go as high as 10 or 50 times its normal price. Left to him, no asset comes close, hence the need to own some Bitcoin.
Miller, now a septuagenarian, is pulling a massive bet by converting that much of his net worth in Bitcoin. Therefore he is a whale in the future crypto market.
The reason Miller Invested in Bitcoin?
Miller, having converted half of his life earnings into Bitcoin has set a new high for what risk-taking would mean. The U.S billionaire now has 50 percent of his wealth in BTC as well as other related Investments.
One would wonder why Miller took such a big bet despite the volatility of Bitcoin and several bearish runs in the past. The mogul remained undeterred and moved into Bitcoin for a reason, to cushion against financial crises. He also believes Bitcoin would easily pass for the digital gold. Furthermore, he mentioned the scarcity of Bitcoin as a major driver of his decision. The scarcity of Bitcoin which means only 21 million Bitcoin can be in existence worldwide is a plus for whales to invest in BTC. Also, his decision was influenced largely because of uncertainties in local currencies, the bulk of which are presently facing crazy inflation.
Miller’s rise to fame came after he managed to beat the S and P 500 from the 1990s up until 2005, a mouth opening 15 years. Funds in his care have been exposed to BTC before, little was known however about his crypto exchange platforms.
Miller is now a part of other big billionaires that are particularly enthusiastic about Bitcoin. A little while back before BTC started its bullish run, around May Last year, Paul Tudor Jones made a BTC endorsement saying that the best strategy for maximizing profit is to own the fastest horse.
Miller’s Investment Records
If diligence and hard work were a person, Miller would easily be that person, having worked several years in top firms. Miller has worked in quite some capacities including the post of Chairman as well as Chief Investment Officer of Legg Mason Capital Management. Also, the billionaire served in the capacity of Principal Portfolio Management of Legg Mason Capital Management Value Trust.
Presently, Bill serves as the Chairman and Chief Investment Officer for the company he founded – Miller Value Partners. He also serves as the Co-Portfolio Manager for Opportunity Equity and Income Strategy in the same company
It is a no-brainer that having a single stream of income in this generation is disastrous, Miller probably knows this too well despite his old age, not only does he have a company to his name, but also owns shares in many other big firms, mostly e-commerce and tech-oriented firms thereby increasing his wealth. The companies include Amazon, Alphabet, Facebook, and Technology DXC. These and many more include the streams of income of Bill Miller, giving him the buoyancy to stock up a good deal of his wealth in Bitcoin, the world’s largest cryptocurrency.