Recent retirement didn’t stop him from making Bitcoin one of his hallmark bets.
Miller likens cryptocurrencies to digital gold because of potential as a store of wealth.
Even though Bitcoin has suffered a severe sell-off this year, legendary investor Bill Miller remains positive about the cryptocurrency.
The Baltimore investment firm became a household name because it consistently beat the S&P 500 from 1991 through 2005. After that, he took on the role of chairman and chief investment officer of Miller Value Partners, which managed $1.9 billion as of the end of August 2022.
Still One of the Top Personal Assets
Recent retirement didn’t stop him from making Bitcoin one of his hallmark bets. The 72-year-old billionaire, in an interview with Barron’s, reaffirmed his bullish position and claimed Bitcoin is still one of his top personal assets.
Miller likens cryptocurrencies to digital gold because of their potential as a store of wealth, but he made it clear that he is not interested in any other digital assets, which can be “lumped together in the category of venture speculation.”
“Most of them, like most venture investments, will fail. But I’ve never heard a good argument that you shouldn’t put at least 1% of your net worth into Bitcoin. Anybody can afford to lose 1%.”
The FTX bankruptcy was a major market disruptor and a key factor in the onset of the crypto winter. Given the widespread collapse, Miller is astonished that Bitcoin “is not at half of its current price.” He finds it “remarkable” that the asset’s price has stabilized at $17,000 despite the fact that many participants have “fled the scene” in an effort to recoup their losses.
The portfolio manager also predicted that the leading cryptocurrency would fare better after the Federal Reserve eased up on monetary policy.