The relationship between Bill Miller, a renowned millionaire American investor and Bitcoin has been for a long time as he invested in Bitcoin at an early stage and has strongly advocated in its favor since then.
In an interview earlier this year, he also revealed that half of his net worth is invested in bitcoin and other cryptocurrencies, going against his widely known advice that investors should allocate just 1%-2% of their digital portfolios to digital assets.
He said he first bought bitcoin in 2014 when it was trading at around $200. He kept purchasing more and stopped when it rose to roughly $500.Then he started repurchasing bitcoin in the spring of 2021 when the coin was hovering around $30,000-level, just after it crashed from its then-all-time high of roughly $66,000.
In an article in Forbes digital assets, Miller says that world economies can foresee a possible financial disaster. In such an instance, Bitcoin can be an insurance hedge as it is not connected to the rest of the financial system. Further, he adds that he remains on the bullish side of Bitcoin and that cryptocurrencies are misunderstood and said that it would most likely fare better than most of the market.
As per Miller’s belief, the market will surely experience a rebound at some point, yielding high benefits to Bitcoin. He also commented on the stock markets and how they were crushed through last November after lying in the bull markets for over ten years.
Miller further targeted the Federal Reserve for being reactionary to economic data, thus keeping it behind the curve. The present policy of raising the interest rates at such a rapid rate might lead to the Federal Reserve going too far.
However, he did acknowledge the volatility of Bitcoin. He suggested that the tight Fed policies going too far might benefit Bitcoin’s performance in the market compared to the majority in the market.