Renowned American investor and billionaire Bill Miller recently announced that his confidence in… bitcoin (BTC) is still high. According to him, bitcoin today is still an excellent investment to protect against a possible financial catastrophe.

Bill Miller and Bitcoin

Earlier this year Miller reported that he has allocated at least 50% of his investment portfolio to the king of cryptocurrencies. He also admitted at the time that he had bought most of his bitcoin assets years ago when the price of a single bitcoin was only $200.

Advertisement

In a recent interview with CNBC Miller reaffirms his belief in bitcoin. According to Miller, it is almost incomprehensible that investors would now be unwilling to diversify their portfolios with a bitcoin position.

According to Miller, the recent crash in the bitcoin price is no reason for panic at all. Miller states that such crashes have happened several times in the past and that each time the bitcoin price managed to recover. The current turbulence in the market is nothing new, according to Miller.

“I have experienced at least three drops of over 80%. I own it as insurance against financial catastrophe […] I haven’t heard a good argument yet as to why someone wouldn’t put at least 1% of their liquid assets in bitcoin.”

Advertisement

In his own words, Miller has not yet sold any of his bitcoins of his own free will. He was, however, forced to sell certain “liquid assets” in order to margin requirements to continue to comply and to avoid being called out by brokers. It is therefore possible that he had to give up part of his bitcoins in this way.

Bitcoin price

Today, bitcoin is trading at a price around $30,000. That is considerably less than just a few months ago. At the time, the price was significantly higher and even reached a all time high of $69,000. According to Miller, bitcoin is interesting when the price is low, like now.

“If I liked something at higher prices, it’s a safe bet I’ll like it even more at lower prices.”

Advertisement