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- Bill Miller revealed that he had invested 50% of his portfolio in Bitcoin & businesses. Other investments of Miller, other than Bitcoin, include MicroStrategy & StrongHold Digital.
- Miller reprimands the comments from Warren Buffett about Bitcoin by saying that Bitcoin is the only economic unit whose demand does not affect the supply.
- Miller also explained that a 50% portfolio is a significant stopping point, but if everything works out and the asset reaches $80-85k, he would buy it all the way down.
After avoiding the crypto industry for several years, numerous big names have jumped on board with the industry. Here, institutional investors were the ones to acknowledge the advantages of the cryptocurrency industry very quickly. Bill Miller is one of the biggest crypto investors, and the primary reason behind him maintaining his massive BTC portfolio successfully is the lack of capability of the government to intervene in the crypto economy and its ownership. In an interview with WealthTrack, Miller disclosed that 50% of his entire portfolio is invested in Businesses and Bitcoin.
As per Miller, when he found the perfect opportunity to buy the dip, he initiated investments in cryptocurrencies during the BTC dip in 2021, when prices dropped to $30,000. He also explained that even though he had held a small amount earlier, the recent Bitcoin purchases were due to its fascinating fundamentals and sustained price growth. In the past 11 years, Bitcoin has gone up by an average of 170%, and now, many more individuals are using it, a lot of money from venture capital has been going into it, & a lot many skeptics are giving it a try, Miller added.
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Miller Reprimands Warren Buffett’s Comments On Bitcoin!
He also reprimanded the comments of Warren Buffett about the lack of intrinsic value in Bitcoin, which claimed that Bitcoin is also based on the supply & demand mechanism and is similar to collectibles and paintings. Miller stated that Bitcoin is the only economic unit whose supply is not at all affected by the demand. Whereas, the supply of Gold will increase with its demand because it would be an incentive opportunity for miners to increase production. Also, since Bitcoin is far from the reach of government authorities, secure private ownership stays ensured. He said that if you combine all these factors, the asset becomes quite similar to an insurance policy.
Other investments of Miller include StrongHold Digital, the mining organization, and MicroStrategy, the business intelligence company whose CEO, Michael Saylor, is a major believer in buying the Bitcoin dip and has increased the company’s BTC holdings to about $5.9 billion in 2021. Also, if the bullish movement works out for Miller, he thinks that even though 50% is a significant stopping point, he’ll buy it all the way down if it reaches $80-85k.
BTC – An Alternate To Gold
Ray Dalio, the billionaire investor and hedge fund manager, is another individual who changed his perspective about Bitcoin recently. He is also looking over cryptocurrencies to diversify his portfolio, simultaneously disclosing his holdings where he said that dedicating 2% of the portfolio to BTC might be fair enough. He explained that this decision was due to BTC’s similarity to Gold as an inflation hedge and limited supply asset, also highlighting the need for risk assessment and diversification. In a recent interview, Dalio said that Bitcoin is an alternative to Gold for the younger generation and could benefit as a small portion of the portfolio.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
