Bill Miller announced on Friday that Bitcoin (BTC) is now his premier asset holding during an interview with Wealthtrack.
The former chairman of Legg Mason Capital Management stated that BTC now comprises half of his investment portfolio.
Miller said that he believed everyone should have at least 1% of their portfolio invested in BTC. He went on to say that many rich Americans do not diversify their portfolio enough and have very concentrated investments.
Miller said he first learned about BTC back in 2014 from the technology entrepreneur Wences Casares. When he found out BTC was scarce and could not be confiscated he allocated 1% of his total portfolio into the digital currency.
Miller pointed out that BTC cannot be controlled or shut down by any single government and praised the cryptocurrency for being a peer-to-peer network featuring a public, immutable ledger.
When Miller first invested in BTC, the price was $200 per coin. He later went on to purchase more when the price reached $500. Miller would then hold off on purchasing more BTC until recently when the price dropped to $30,000 in the summer of 2021.
Miller said he had heard there was interest from many other venture capitalists and decided to increase his investment until half of his portfolio was in BTC.
Miller’s announcement adds him to a growing list of billionaires who hold a significant amount of BTC. This list includes Elon Musk and Michael Sayer who both added BTC into their companies’ balance sheets and made significant money off it.
It is unlikely that Miller will become as vocal as Musk and Sayer but the addition of more of the world’s wealthiest as BTC holders will surely be positive for the adoption of digital assets.
BTC has had a rough couple of months since reaching its new all-time high in November but many venture capitalists have stated they believe 2022 will be a remarkable year for the coin.
We will have to wait and see who the next billionaire to announce BTC ownership will be but I think we can all agree it will not be Warren Buffet.