Bitcoin is fast becoming the investment of choice even among those who are not very technologically inclined. This has been due to the growth of the digital asset, as well as the number of people that have begun adopting it in the last few years. As it grows into even more prominence, some investors are rushing to be among the first to adopt the digital asset.
One of these is legendary investor Bill Miller. The billionaire investor recently revealed that he put half of his net worth in bitcoin and other cryptocurrencies. Apparently, Miller had been accumulating bitcoin personally for a long time, and now has half his wealth in cryptocurrencies.
Billionaire Investors Long On Bitcoin
Miller’s announcement came as a surprise given that the billionaire investor had previously advised other investors to only put about 1% to 2% of their portfolios in digital assets. Sitting down with WealthTrack, Miller made some startling revelations regarding his investing strategies and how much he had invested into bitcoin and other cryptocurrencies.
Related Reading | Teslas May Be Paying For Themselves As Owners Begin Mining Crypto
The investor said in the interview that he had first purchased his first bitcoin in 2014 at around $200. At this point, bitcoin was only about five years old, making Miller one of the first wave of billionaire investors to get into the digital assets. However, he did not stop there as he continued to add to his stash over time. By his own admission, Miller only stopped buying more BTC when the price rose to $500.
Miller had also expanded his stake in the digital asset through other products like investing in MicroStrategy. His BTC-buying hiatus would come to an end when the digital asset crashed from its ATH of $66,000 to $30,000, which is when Miller began purchasing more bitcoin.
BTC price sits above $41,000 | Source: BTCUSD on TradingView.com
Why Put So Much In BTC?
Miller’s reasoning for betting so much of his personal wealth on bitcoin is similar to most of the investors who are invested in the cryptocurrency. The limited supply and the growing demand versus supply was a big motivator for the billionaire investor.
He sees a lot of money going into the asset as more people begin using the asset. Miller also said there is a lot more money from the venture capital world coming into the asset. “There are a lot of people who are skeptics who are now, at least, trying it out,” Miller stated.
“It comes down to the very basic level of supply and demand. Bitcoin is the only economic entity where the supply is unaffected by the demand.”
Related Reading | Bitcoin Has Replaced Gold For Younger Investors, Says Finance Professor
Four years ago, hedge fund manager at Legg Mason Bill Miller, had revealed to WealthTrack that he had invested 50% of his MVP 1 fund into bitcoin. In total, Miller had put about $1.1 billion into the digital asset. At today’s price, Miller’s MVP 1 fund will be worth over $55 billion.
The billionaire investor also revealed that the other half of his net worth is invested in Amazon.
Featured image from CNBC, chart from TradingView.com
