Legendary Billionaire Investor Reveals Huge Bitcoin Bet As The Price Of Ethereum, BNB, Solana, Cardano And XRP Suddenly Soar

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Bitcoin and cryptocurrency prices have bounced back after a selloff that wiped nearly $1 trillion from the combined crypto market – and after a closely watched investor called the market down.

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The price of bitcoin has dropped below $40,000 per bitcoin this week to nearly $43,000 for the first time since September – a 5% increase over the past three days. The price of Ethereum has also increased by almost 10% and that of its rivals Binance’s BNB, Solana and Cardano.

Now, billionaire investor Bill Miller has revealed that 50% of his net worth is in bitcoin and related crypto investments—branding bitcoin as an “insurance policy against financial disaster.”

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“My reasoning was that too many people are using [bitcoin] Now,” said Miller, speaking during an interview wealthtrack and disclosing his personal stakes in bitcoin acquisition vehicle MicroStrategy from tech company and bitcoin mining firm Stronghold. “There’s a lot of money going into this in the world of venture capital. There are a lot of people who are skeptical, who are now, at least, trying it out.”

In December, Thomas Peterffy, billionaire founder of trading platform Interactive Brokers, who once warned bitcoin futures “could destabilize the real economy,” flipped that investors should hold a small amount of cryptocurrencies like bitcoin or ethereum. Must buy, if the dollar “goes” to hell.”

Fears of rising inflation, which has hit a nearly 40-year high in the US, have prompted investors to buy bitcoin to hedge against the dollar’s depreciation.

Miller, who built his reputation as a fund manager by outperforming the S&P 500 index for 15 straight years in the 1990s and 2000s, said that in addition to his bitcoin and cryptocurrency investments, the remainder of his personal portfolio was Amazon stock. is in. Himself perhaps the largest individual shareholder of Amazon “whose last name is not Bezos.”

“It comes down to a very basic level of supply and demand,” Miller explained. wealthtrack, declaring himself a “Bitcoin Bull” instead of just a “Bitcoin Supervisor”.

“Bitcoin is the only economic entity where supply is unaffected by demand,” he said, alluding to the bitcoin blockchain and bitcoin’s block reward given to miners who secure a hard cap of 21 million coins.

Miller revealed that he began buying bitcoin in 2014, when it was priced at just $200 per bitcoin, and then bought “a little more overtime” after climbing to $500. He sat on the sidelines until bitcoin crashed to $30,000 last year, falling nearly 50% from its April highs of nearly $66,000.

“This time I ended up buying it again for $30,000, which is less than $66,000,” Miller said, adding that he bought a “reasonable amount in the $30,000 range.”

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The hype surrounding the first US bitcoin futures exchange-traded fund led the price of bitcoin to a new all-time high of around $70,000 in November. Bitcoin has since lost 40% of its value, along with Ethereum and most other major cryptocurrencies, as investors worry about the possibility that the Federal Reserve could raise interest rates and begin shrinking their bloated balance sheets. Is.

Despite his belief in bitcoin, Miller advised average investors not to put more than 1% of their portfolio into bitcoin, saying that “even if it turns out to be zero, which I think is highly improbable, Certainly possible, you can always afford to lose 1%.”

“I think the average investor should ask themselves what is it in your portfolio that has that kind of track record – number one, is very, very little penetration; the service of insurance against financial catastrophe that one can provide. Can’t others provide and grow 10 times or 50 times? The answer is: nothing.”

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