Famed Billionaire Investor Bill Miller Holds Half His Worth in Bitcoin

Billionaire fund manager Bill Miller said in an interview with WealthTrack on Friday that he is heavily invested in cryptocurrencies which now make up 50% of his personal assets.

Admitting to be bullish on Bitcoin, Miller shared that he first started buying Bitcoin in 2014 when the price was hovering at $200. A talk by Wences Cesares at the Sun Valley Tech conference got him inspired.

While topping up his investments in the years since, it was not until last year when he became convinced of the potential as the price reached new highs. When the price dropped, Miller saw opportunity to buy the dip at $30,000. The rapid adoption of the cryptocurrency by both retail and institutional investors in the year were an assurance to the fund manager.

Miller also noted that a large share of his personal wealth exposed to Bitcoin is by investments in companies that hold it on their balance sheet, such as software intelligence firm MicroStrategy.

He further said that Bitcoin is a unique investment:

“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 under-penetrated; can provide a service of insurance against financial catastrophe that no one else can provide and can go up 10 times or 50 times? The answer is: nothing.”

In addition, Miller acknowledged that Bitcoin has developed into a game-changing technology and can best be thought of as “digital gold”, considering its inherently strong fundamentals, a strictly capped supply.

Nevertheless, despite a personal fifty percent allocation, Miller advises people to take a slightly more cautious approach when investing in Bitcoin, starting with one percent. He said:

“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%.”