American investor, fund manager and philanthropist Bill Miller says he has invested half of his personal fortune in Bitcoin. The former president of Legg Mason Capital Management said he bought bitcoin last year when the asset price fell to the $ 30,000 region.

Bitcoin Bull – Bill Miller

Bitcoin makes up 50% of the portfolio

Although he didn’t like Bitcoin earlier, Miller is one of the prominent proponents of this market today. In recent years, especially after the COVID-19 pandemic began, the 72-year-old fund manager has often shown his support for the leading digital asset and crypto industry. In the past, too, he has continued to speak out in favor of the market interview recently with “Wealthtrack”.

When asked why Bitcoin was such a valuable investment vehicle, Miller argued that the market was outside of the government’s control. At the same time, its decentralized network records every transaction and is immutable. Bitcoin can also be viewed as an “insurance contract”, which is why citizens of many countries with closed economies or currency problems will resort to it.

“If you have Bitcoin, the government cannot take it away from you.”

The US investor admits that he first bought Bitcoin about 7 years ago when the price fluctuated around $ 200. However, it made its largest accumulation last summer when BTC fell from nearly $ 65,000 to $ 30,000 in just a few months.

There are a lot of people using Bitcoin right now as more and more capital is pouring into the crypto industry, Miller said. Following this trend, he decided to invest 50% of his portfolio.

However, he also warned about the volatility of BTC, saying it could be “very dangerous” for short-term investors. For long-term owners, however, this asset is the right investment vehicle as the market always seems to grow strongly after price falls.

Bitcoin is better than gold

Miller said bitcoin is an asset equivalent to gold but a better version of gold, noting that people are more likely to pile up precious metals than fiat currencies during a financial crisis. BTC is the equivalent of gold, except that “the government cannot take it from you”. He also mentioned the fact that the Roosevelt administration had seized gold from people in the 1930s.

He also provided statistics showing BTC’s strong growth in a short period of time compared to the relatively stagnant gold value.

“In 5,000 years gold has increased from 1 nickel to 1,850 dollars. In 10 years, Bitcoin has grown from 1 nickel to $ 57,000. So why should I own gold? “

The old investor made a convincing comparison between the two asset classes a few months ago. grandfather said Bitcoin is like a sports car like a Ferrari, while gold is a classic horse-drawn vehicle.

Buffett was wrong

Miller then contradicted the views of Warren Buffett, who believed that cryptocurrencies were “rat poison” with no intrinsic value. Miller argues that Bitcoin is “the only economic entity whose supply is not influenced by demand”.

Hardly anyone used to know how the internet could affect society, but today everyone can see its growth. Likewise, humanity still has to recognize what value Bitcoin will have in the future.

However, there is one thing that Warren Buffett often says that Miller thinks is true, that fear is contagious and spreads quickly, while trust slowly spreads through each person. According to this principle, people seem to overreact to adverse events. He concluded that Bitcoin’s recent price declines can be seen as “the perfect buying opportunity”.

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