Prominent value investor and fund manager Bill Miller said he owns “a lot” of Bitcoin and has not sold any despite the recent cryptocurrency sell-off. He insists that investors should put some of their liquid net worth into cryptocurrencies.
Bill Miller shares his Bitcoin outlook
Prominent value investor Bill Miller remains bullish on Bitcoin despite the recent price drop. He confirmed in an interview with CNBC on Thursday that he owns a “large amount” of bitcoin and has not sold any.
Miller is the founder of Miller Value Partners and currently serves as its chairman and chief investment officer. He manages the firm’s Opportunity Equity and Income Strategy Fund. Before joining Miller Value Partners, he co-founded Legg Mason Capital Management.
He explained that he would not be surprised if the Bitcoin price fell to half its current price due to its volatility. However, “I’m going to be tough because I own a lot of stuff,” the fund manager said.
Someone asked Miller, “Do you sell any [bitcoin], did you sell it? ‘ he replied:
The most concise answer is no.
However, he clarified that he sometimes sells “stuff” to meet margin calls. “I sell to meet margin calls because I’m always on margin, and what you sell is very, very liquid to me,” he explained, without mentioning Bitcoin Specifically.
At the time of writing, Bitcoin is trading at $30,064, up 1.5% in the past 24 hours, but down 15.5% in the past 7 days and nearly 25% in the past 30 days.
Commenting on investors losing money in the cryptocurrency sell-off last week, Miller said: “If people lose a lot of money in cryptocurrencies, they keep guessing about things they don’t know, especially if they are surprised to find out because of the big Most ICOs lose money [initial coin offerings] The numbers that came out in 2017 have gone to zero. “
According to Coinmarketcap, there are currently nearly 20,000 cryptocurrencies. “There is competition for everything except bitcoin, including ethereum,” Miller said, noting that he doesn’t have the expertise to evaluate all crypto projects, but “is comfortable with bitcoin.”
Miller was also asked if he sees Bitcoin as a buy at $29,000. He replied:
I haven’t heard a good argument for why not put 1% of liquid equity in Bitcoin.
This is especially true if you live in countries such as Venezuela, Argentina, Lebanon, Turkey, Nigeria, Iraq, Ukraine and Russia, he added.”When the U.S. decided to sanction Russia, Russia lost 50 percent of its reserves,” noted the prominent investor. He said This was “very bullish for Bitcoin” in March.miller before Call Bitcoin “Financial Catastrophe Insurance”.
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