Legendary investor Bill Miller continues to be bullish on Bitcoin despite the crypto asset being hit by a brutal sell-off this year.
The Baltimore investing giant rose to prominence by outperforming the S&P 500 annually from 1991 to 2005. He subsequently served as the chairman and chief investment officer of Miller Value Partners, which had $1.9 billion in assets under management at the end of August 2022.
Despite announcing his retirement recently, Bitcoin remains one of his signature bets.
In an interview with Barron’s, the 72-year-old billionaire reiterated his optimistic stance and said Bitcoin remains one of his top personal holdings.
Miller sees the cryptocurrency as a potential store of value, much like digital gold but clarified that other digital assets do not excite him and can be “lumped together in the category of venture speculation.”
“Most of them, like most venture investments, will fail. But I’ve never heard a good argument that you shouldn’t put at least 1% of your net worth into Bitcoin. Anybody can afford to lose 1%.”
The FTX bankruptcy caused severe disruption in the market and proved to be a catalyzing agent for the crypto winter.
Miller, for one, said he is surprised that Bitcoin “is not at half of its current price” given the high-profile implosion. He considers the asset’s price hovering near $17,000 to be “remarkable,” considering many players have “fled” the scene to recover from the losses.
The fund manager further projected that the flagship crypto-asset would likely perform better once the Federal Reserve slows down on its monetary policy.
Bitcoin took a massive beating this year, and veteran crypto analyst Nicholas Merten predicts more pain ahead.
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