In a recently released interview from December with WealthTrack, the billionaire Bill Miller says that over half of his personal wealth is in bitcoin and other cryptocurrency-related investments.
“Bitcoin has gone up, on average, 170% every year for the past 11 years,” Miller said in the interview, citing that it has gone down by more than 80% three times during that time frame — making the currency highly volatile. But that volatility didn’t deter the founder and CIO of the investment advisor Miller Value Partners.
Miller started rebuying it at around $30,000 in the spring of 2021 after first purchasing bitcoin around the $200 mark. “My reasoning is that there’s a lot more people using it now, there’s a lot more money going into it in the venture capital world, and there are a lot of people who are skeptics who are now at least trying it out,” he said in the interview.
In addition to the “fair amount” of bitcoin he bought when it was worth $30,000, Miller also said he has added to bitcoin-related investments such as in the bitcoin mining firm Stronghold Digital Mining and the software tech firm MicroStrategy. Per the interview, the remaining half of his portfolio is chiefly held in Amazon, for which Miller was an early investor.