Bitcoin is quickly becoming the investment of choice, especially among individuals who are not technologically savvy. This is due to the digital asset’s expansion and the number of people who have begun to accept it in the previous few years. As it gains popularity, some investors are eager to be among the first to adopt the digital asset.
Bill Miller, a famed investor, is one of them. Recently, the billionaire investor announced that he had invested half of his net worth in bitcoin and other cryptocurrencies. Miller appears to have been personally acquiring bitcoin for a long time and now has half of his fortune in cryptocurrency.
Miller’s revelation was surprising given that the billionaire investor had previously encouraged other investors to only spend approximately 1% to 2% of their portfolios in digital assets. When speaking with WealthTrack, Miller made some unexpected discoveries about his investing tactics and the amount of money in bitcoin and other cryptocurrencies.
In the interview, the investor stated that he purchased his first bitcoin in 2014 for roughly $200. Miller was among the first billionaire investors to invest in bitcoin, which was only around five years old at the time. However, he did not stop there as he continued to add to his cache over time. According to his admission, Miller only ceased buying more BTC when the price reached $500.
Miller has also increased his holdings in digital assets by investing in MicroStrategy. His BTC-buying hiatus would end when the digital asset fell from its all-time high of $66,000 to $30,000, at which point Miller began purchasing additional bitcoin.
Miller’s justification for betting so much of his own money on bitcoin is similar to that of the majority of cryptocurrency investors. The wealthy investor was motivated by the restricted availability and rising demand against supply.
He expects a lot of money to flow into the asset as more people begin to use it. Miller also stated that a lot more money flows into the asset from the venture capital world. “There are a lot of naysayers who are now at least testing it out,” Miller said.
“It boils down to the most fundamental level of supply and demand.” “Bitcoin is the only economic entity where supply is unaffected by demand.”
Bill Miller, a hedge fund manager at Legg Mason, revealed to WealthTrack four years ago that he had put 50% of his MVP 1 fund in bitcoin. Miller has invested approximately $1.1 billion in digital assets. Miller’s MVP 1 fund will be worth more than $55 billion at today’s valuation.
The billionaire investor also claimed that Amazon accounts for half of his net worth.