Famed value investor and fund manager Bill Miller says he has “a lot” of bitcoin and has not sold any despite the recent crypto sell-off. Miller insisted on the idea that cryptocurrency investors should invest some of their net wealth.
Bill Miller shares his Bitcoin outlook
Bill Miller, the famed value investor is still optimistic about bitcoin in spite of recent price drops. He confirmed in an interview with CNBC Thursday that he owns “a lot” of bitcoin and hasn’t sold any.
Miller Value Partners is Miller’s founder and serves as its chief investment officer and chairman. He manages the firm’s Opportunity Equity and Income Strategy funds. Before Miller Value Partners, Legg Mason Capital Management was his co-founding company.
He explained that if bitcoin goes down to half its current price, he wouldn’t be surprised due to its volatility. However, “I would be grim because I own a lot of it,” the fund manager said.
Miller was asked, “Are you selling any [bitcoin], have you sold any?” He replied:
It is short: no
However, he clarified that he sometimes sells “stuff” to meet margin calls. “I’ve sold stuff to meet margin calls because I’m always on margin and the stuff that you sell is the stuff that is very, very liquid, for me anyway,” he explained, without mentioning BTC specifically.
As of the writing time, bitcoin trades at $30,064, which is up 1.5% in 24 hours and down 15.5% for seven days. It also traded almost 25% higher in the 30 days.
Commenting on investors losing money amid crypto sell-offs last week, Miller said: “If people have lost a lot of money in crypto, they have been speculating on the stuff they don’t know anything about, especially if they are surprised to have lost money because most of the ICOs [initial coin offerings] that came around in 2017 have gone to zero.”
Coinmarketcap estimates that there are nearly 20,000 crypto currencies at the moment. Miller said: “All except for bitcoin, including ethereum, have competition.” He noted that he does not have the expertise to evaluate all crypto projects but is “comfortable with bitcoin.”
Miller was also asked whether he believes bitcoin should be bought at $29,000. He responded:
I haven’t heard a good argument about why you wouldn’t put 1% of your liquid net worth in bitcoin.
It is particularly true for those who live in Russia, Venezuela, Turkey, Turkey, Nigeria and Iraq. The famed investor noted: “Russia lost 50% of their reserves when the U.S. decided it was going to sanction them.” He said in March that this is “very bullish for bitcoin.” Miller previously called BTC an “insurance against financial catastrophe.”
What do you think about Bill Miller’s comments? Comment below to let us know your thoughts about Bill Miller’s comments.
Image creditShutterstock. Pixabay. Wiki Commons