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.
"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."
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."