Billionaire Investor Bill Miller now has 50% of his personal wealth in Bitcoin

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Bill Miller, an American billionaire investor, has revealed that half of his personal net worth is now invested in bitcoin and other cryptocurrencies, defying his own advice that investors should only allocate 1% to 2% of their portfolios to digital assets.

The 72-year-old said in a nearly hour-long interview with WealthTrack that he first purchased bitcoin in 2014, when it was trading around $200. He continued to buy more until the price reached around $500.

Then, in the spring of 2021, when the coin was hovering around $30,000, just after it had crashed from its then all-time high of roughly $66,000, he began buying it again.

Miller, who now refers to himself as a bitcoin bull rather than a bitcoin observer, told WealthTrack that he has been adding to various bitcoin-related investments since then, including MicroStrategy.

“My reasoning was that it is now being used by a much larger number of people. In the venture capital world, there is a lot more money involved. There are many skeptics who are now, at the very least, trying it out “He continued.

Miller stated that the remainder of his portfolio was invested in Amazon. Miller stated in an interview in April 2021 that he was likely the largest individual shareholder of Amazon “whose last name isn’t Bezos.”

Miller is the former chairman of Legg Mason Capital Management Value Trust, and he is best known for outperforming the S&P 500 for 15 years in a row while working for the investment firm. He is now the chief investment officer of Miller Value Partners, which he founded in 1999.

Miller compared bitcoin to digital gold in terms of hedging against inflation in an interview with WealthTrack, adding that it’s also a “insurance policy against a financial catastrophe that no one else can provide” given its supply limit of 21 million coins.