American investor and fund manager Bill Miller shared in a recent WealthTrack interview that Bitcoin (BTC) makes up half of his portfolio. In addition, the experienced analyst, who says that the gold supply will be greatly increased after $ 18,000, thinks that this will have a positive effect on Bitcoin. Details cryptocoin.com‘in.
Bill Miller shares the cost of Bitcoin
The 40-year veteran investor opposes Berkshire Hathaway CEO Warren Buffett’s claims of “Bitcoin is 0 in value,” claiming that Bitcoin is the only economic asset unaffected by inflation. He even shares that he started buying Bitcoin again at $30,000:
I bought a decent amount in the $30,000 range.
Referring to gold after Bitcoin, Miller explains that if the precious metal hits $18,000, its supply will increase by a large amount because miners will be encouraged to extract more. The seasoned investor describes himself as a “Bitcoin watcher”, comparing cryptocurrency development to that of the printing press and steam engine. According to him, Bitcoin can act as insurance should governments decide to seize the gold supply. Miller points out that the precious metal has yielded negative returns in the last 10 years, while “digital gold” Bitcoin has outperformed almost every other asset in the world in the last 10 years.
However, there is a possibility that Bitcoin could be banned like gold.
Hedge fund manager Ray Dalio believes Bitcoin can be banned just like shiny metal. Bill Miller rose to fame during his time at New York-based wealth management firm Legg Mason. The mutual fund had managed to outperform the benchmark S&P 500 index for the 15th consecutive year, from 1991 to 2005. Miller managed to return to the billionaire category after his net worth shrank by 90% following the global financial crisis of the late 2000s. Apart from Bitcoin, he owns close to 50% of his net worth in Amazon shares.
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