Bill Miller, a well-known value investor and fund manager, says he owns “a lot” bitcoin and has not sold any of it despite recent crypto selling. He argued that cryptocurrency investors should invest some of their net worth.
Bill Miller shares his Bitcoin outlook
Bill Miller, a well-known value investor, is still bullish on bitcoin despite recent price drops. In an interview with CNBC on Thursday, Miller confirmed that he has “a lot” bitcoin and has not sold any.
Miller Value Partners was founded by Miller and serves as its chief investment officer and chairman. He oversees the firm’s Opportunity Equity and Income Strategy fund. He co-founded Legg Mason Capital Management before Miller Value Partners.
He said that bitcoin’s volatility would cause it to drop to half its current value. The fund manager stated that he would be “dark” because he owns a lot of bitcoin.
Miller was asked if he was selling any bitcoins. He answered:
The short answer is no.
He clarified however that he occasionally sells “stuff”, to pay margin calls. He explained that he has sold stuff to pay margin calls, but did not mention BTC.
Bitcoin is currently trading at $30,064, an increase of 1.5% over the previous 24 hours, but down 15.5% over the last seven days, and nearly 25% in the 30 days.
Miller commented on crypto-sellers losing money last week. He said that “if people have lost a lot in crypto, it is because they have been speculating about the stuff they don’t know anything about. Especially if they are shocked to have lost money since most of the ICOs [initial cryptocurrency offerings]” that were available in 2017 have gone to zero.”
According to Coinmarketcap, there are almost 20,000 cryptocurrency currently. Miller stated that all cryptocurrencies, except bitcoin, have competition. He said that while he doesn’t have the expertise or experience to assess all crypto projects, he is comfortable with bitcoin.
Miller was also asked whether he believes bitcoin is worth $29,000. Miller replied:
I haven’t heard any good arguments about why you shouldn’t invest 1% of your liquid wealth in bitcoin.
It is particularly true for those who live in countries such as Venezuela, Turkey, Turkey, Nigeria and Ukraine. The famous investor stated that Russia lost 50% of its reserves when the U.S. sanctioned them. He also noted that this was “very bullish” for bitcoin. Miller had previously called Bitcoin “insurance against financial disaster.”
