Legendary investor Bill Miller says half of his personal net worth is invested in bitcoin and other cryptos
Bill Millerrecently revealed that half of his personal net worth is invested in bitcoinand other cryptocurrencies.
- He made the admission in a nearly hour-long interview with WealthTrack on Friday.
- "My reasoning was there are a lot more people using it now. There's a lot more money going into it in the venture capital world," he said.
Legendary investor Bill
In a nearly hour-long interview with WealthTrack on Friday, he said he first bought bitcoin in 2014 when it was trading around $200. He kept purchasing more and stopped when it rose to roughly $500.
Then he started buying bitcoin again in the spring of 2021 when the coin was hovering around $30,000-level, just after it crashed from its then all-time-high of roughly $66,000.
Miller, who now calls himself a bitcoin bull instead a bitcoin observer, told WealthTrack he has been adding to various bitcoin-related investments since then, citing MicroStrategy as one of them.
"My reasoning was there are a lot more people using it now. There's a lot more money going into it in the venture capital world. There are a lot of people who are skeptics, who are, now, at least, trying it out," he added.
As for the rest of his portfolio, Miller said he invested the remaining in Amazon. In April 2021, Miller said in an interview he was likely the largest individual shareholder of Amazon "whose last name isn't Bezos."
Miller is a former chairman of
In the interview with WealthTrack, Miller also likened bitcoin to digital
Miller then brought up a common argument against the world's largest digital asset that proposes bitcoin has no intrinsic value.
"It comes down to the very basic level of supply and demand," he told WealthTrack. "Bitcoin is the only economic entity where the supply is unaffected by the demand."
Still, he warned against the volatility of bitcoin, which he described as "very dangerous" for short-term investors.
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