Famous investor Bill Miller III continues to show its unwavering support for Bitcoin BTC/USD despite the volatility of the cryptocurrency market.
What happened: In a recent interview with Forbes, Miller shared his investment strategies and his views on the current market.
Miller, who began joint management Legg Mason Value Trust in 1982 and later assumed the role of solo manager in 1990, has experience making early investments in hyper-growth stocks such as America Online and Amazon.com. Its annual performance beat the S&P 500 for 15 consecutive years from 1990 to 2005.
After parting with Legg MasonMiller allocated 1% of his personal portfolio to Bitcoin in 2012, when the cryptocurrency was valued at around $700. Bitcoin is now trading near $60,000 per coin.
Miller’s son Bill Miller IVis currently managing Miller Value Partnerscontrolling approximately $290 million in assets through the Miller Income Mutual Fund (LMCJX) and two ETFs: Miller Value Partners Appreciation (MVPA) and Miller Value Partners Leverage (MVPL).
Read also: Bitcoin to hit $1M in next 10 to 18 months, crypto analyst says: ‘We’re still so early in Bitcoin’s history’
In the interview, Miller shared his insights on how he has consistently outperformed the market for over a decade and discussed the opportunities in the current market. He also talks about his early life, his time in the army and his journey into the world of investing.
Miller highlighted Bitcoin as one of his most successful investments, saying, “I bought Bitcoin (BTC) around $200 at the beginning and I think my average price from 2012 to 2024 is around $700. It is the only economic entity where supply is not affected by demand or price. All you have to believe is that the demand for Bitcoin will grow faster than the supply.”
“I would suggest you consider putting 1% of your liquid assets into Bitcoin and then forget about it. You may lose all your money, but look how much it has grown in the last two years. You don’t have anything that has appreciated as much as Bitcoin in the last two years. I said let’s have lunch together and talk about this thing. Bitcoin is an insurance policy against financial disaster, against inflation, against the kinds of things we saw during the pandemic,” he added during the interview.
Read also: Anthony Scaramucci Says Crypto Will Soar If This Presidential Candidate Wins The Election: ‘I Think We’ll See Record Highs For Bitcoin And Other Assets’
He also shared his investment philosophy, stressing the importance of understanding what is happening in the market rather than trying to predict future trends. Miller believes that investors should have an edge, which can come from information, analysis or behavior.
“The Fed had to flood the system to keep the Treasury market functioning, but no one had to come in and save Bitcoin. You can’t save him. I would predict that in the next three to five years, the majority of advisors will be advising people to have 1% to 3% of assets in bitcoin,” Miller said.
Why it matters: Miller’s continued support for Bitcoin, despite market volatility, underscores his belief in the cryptocurrency’s potential. His early investment in Bitcoin when it was valued at around $700 turned out to be a smart move, with the cryptocurrency now trading close to $60,000 a coin.
Miller’s investment philosophy, which emphasizes understanding the market rather than predicting future trends, has served him well throughout his career.
His belief that investors should have an edge, whether it comes from information, analysis or behavior, provides valuable insight for those who want to succeed in the investment world.
Read next:
The analyst predicts that Bitcoin will reach the breakthrough point of $100,000
This content was partially created using Benzinga Neuro and was reviewed and published by the editors of Benzinga.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.