No matter how much of his BTC he may have sold, Miller hasn’t changed his mind on bitcoin’s value.
Legacy As a result of a margin call, Bill Miller confessed that he had sold some “liquid things” to do so. A staunch supporter of the original Bitcoin, the billionaire calls it “insurance against financial calamity.”
Bill Miller, an American businessman, fund manager, and philanthropist, is one of the most prominent proponents of bitcoin. During the outbreak of COVID19 and the introduction of contentious financial measures by numerous banks, he enhanced his position. Because “the government can’t touch it,” he said, bitcoin was valued at the time.
A year ago, Miller revealed that he had put half of his money into Bitcoin. He went on to say that he made his initial purchase of the asset seven years ago when it was worth roughly $200 per share. However, he made the most money during the crypto meltdown last summer, when bitcoin was about $30,000 at the time.
According to the American, he doesn’t comprehend investors who don’t include the most popular cryptocurrency in their portfolios. And he stated the current market drop doesn’t worry him since he’s been through it before:
There have been at least three times when I’ve seen a loss of at least 80%.” I have it as a safety net in case of a financial meltdown. A compelling case against investing at least one percent of one’s liquid net worth in bitcoin has yet to be shown to me.
Asked if he sold a part of his BTC hoard lately, Miller answered, “the quick answer is no.” Nonetheless, the investor had to exchange some of his “liquid stuff” to fulfil margin calls.
The value of securities in a brokerage account drops below a predetermined threshold, resulting in a margin call. The account holder must now either make new deposits or sell assets to cover the shortfall. If you consider that bitcoin is a “liquid thing,” some of the sales may have been accounted for by it.
According to Miller about a year ago, the digital asset may be an attractive investment choice when its USD value falls: I’m sure I’ll enjoy it even more at a cheaper price if I’ve already loved it at a higher one.
At the time of his remarks, BTC had fallen to about $30,000. Currently, the cryptocurrency is trading at approximately the same price, thus his perspective is quite relevant to the current market.
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