Bill Miller initially started owning BTC back in 2014 when a single coin was priced at $200.
Billionaire investor Bill Miller has revealed that he now has half of his net worth in Bitcoin — as well as stock in companies exposed to the cryptocurrency.
Although he initially started owning BTC back in 2014 when a single coin was priced at $200, Miller only started meaningfully adding to his position when the world's biggest cryptocurrency fell back to $30,000 last summer.
When asked by WealthTrack for the one investment that he would recommend for a long-term diversified portfolio, he singled out Bitcoin — and said allocating 1% would be prudent. Miller added:
"I think the average investor should ask himself or herself what do you have in your portfolio that has this kind of track record, is very underpenetrated, 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 — so perhaps you should have some of this. And certainly if you own any gold you should have some of it."
He went on to describe a 1% allocation as "prudent or sensible" given how it would have a negligible impact on an overall portfolio in the event of a downturn.
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A Big Bet
Now in his 70s, Miller is taking a big bet by allocating so much of his net worth to Bitcoin — and it's a clear sign that he's bullish on the cryptocurrency's future potential. All of this comes amid plenty of uncertainty for fiat currencies, many of which are currently battling high levels of inflation.
Miller rose to prominence after managing to beat the S&P 500 for 15 years — throughout the 1990s and until 2005. The funds he has managed have gained exposure to BTC before, but little was known about his personal investment in cryptocurrencies until now.
He joins other billionaire hedge fund managers in being enthusiasts of Bitcoin. Back in May 2020 — before BTC began its dramatic acceleration — Paul Tudor Jones endorsed the digital asset, adding:
"The best profit-maximizing strategy is to own the fastest horse."
