Investor Bill Miller invested 50% of his capital in cryptocurrencies

Miller Value Partners founder and investment director Bill Miller holds half of his personal capital in cryptocurrencies.

In 2014, Miller invested a small amount in the main cryptocurrency, and in the spring of last year, amid a surge in interest in bitcoin and ether, he resumed purchases in much larger volumes.

“Any investor should ask the question:“ What in your portfolio, apart from cryptocurrencies, stands out favorably against the background of other assets? ”. Answer: nothing. They are very undervalued, they serve as insurance against financial disasters, and their prices can jump ten or even fifty times, ”Miller said in an interview with WealthRack.

Miller admitted that making such a large investment in cryptocurrencies “is acting somewhat unwise in terms of the principles of financial discipline.” But he added that even mastodons like Amazon’s Jeff Bezos or Meta’s Mark Zuckerberg are also focusing on one asset they consider promising.

The investor came to this decision after he heard the speech of the Argentine entrepreneur Vence Cazares at one of the conferences. Investors in fragile economies are increasingly turning to bitcoin as the currency that guarantees them protection from hyperinflation, government confiscation of their assets and nationalization of banks, Casares said.

An investor started buying BTC last year when it cost about $ 30,000. “Bitcoin is attracting a lot of people now, and a lot of the investment comes from venture capitalists,” Miller said.

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