Legendary billionaire investor and founder of Miller Value Partners Bill Miller, in an interview with William Green, called bitcoin digital gold and compared his bet on it to buying Amazon shares during the collapse of the dotcom bubble.
According to the billionaire, he purchased the tech giant’s securities at an average price of $17 more than 20 years ago. The first cryptocurrency cost him an average of $ 500 per coin, he said.
In 2017, the media reported that Miller holds 1% of his own funds in bitcoin, which he bought back in 2014. At the same time, his hedge fund with assets of $ 2.2 billion increased the share of cryptocurrencies in the portfolio to 50%.
“Bitcoin is much less risky at $43,000 than at $300. Now it is recognized, a huge amount of venture capital money has gone into it, all major banks are involved,” he said.
The billionaire advised investors who do not understand cryptocurrency too deeply to invest no more than 1% of funds in digital assets.
Regarding altcoins, Miller noted that the chances of more than “10,000 existing tokens and other things” being successful are extremely small.
“Bitcoin, Ethereum and some others will probably exist for some time,” he added.
Miller was optimistic about the prospects for the capitalization of Coinbase, whose shares he called “the default position for investors in growth.”
He stressed that Tesla’s market value has reached $750 billion in a mature industry that will no longer grow very fast.
“Coinbase could easily have a market capitalization of $500 billion or $1 trillion as a breakthrough company in a fast-growing, changing industry,” he admitted.
But when buying such assets, you should not worry about their price for a year or even two, the billionaire advised.
Recall that in February 2021, Miller Opportunity Trust, founded by Miller with assets of $ 2.25 billion, announced plans to invest 15% of funds in the bitcoin trust of Grayscale Investments.
In August, Miller Opportunity Trust disclosed a $44.7 million position in Grayscale Bitcoin Trust.
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