Renowned investor Bill Miller remains positive on bitcoin. He revealed in an interview on May 12 that he holds “a lot” of bitcoin and hasn’t sold any despite the market crash. Miller is the chairman and chief investment officer of Miller Value Partners, which he founded in 1999. He said that owing to bitcoin’s volatility, he wouldn’t be shocked if it fell to half its present price. “I would be gloomy,” the fund manager responded, “since I own a lot of it.”
“Are you selling any [bitcoin]?” “Have you sold any?” Miller was questioned. He responded:
“The short answer is no.”
He did clarify, though, that he does occasionally sell “things” to pay margin calls. “I’ve sold goods to meet margin calls since I’m always on margin,” he stated, without mentioning BTC directly. Bitcoin is currently trading at $30,064, up 1.5% over the previous 24 hours but down 15.5% over the last seven days and over 25% over the last 30 days.
Miller remarked about investors who lost money during last week’s bitcoin sell-offs:
“If people have lost a lot of money in crypto, they have been speculating on the stuff they don’t know anything about, especially if they are surprised to have lost money because most of the ICOs [initial coin offerings] that came around in 2017 have gone to zero.”
Miller stated, “All except for bitcoin, including ethereum, have competition.” He stressed that he lacks the capacity to assess various crypto initiatives, but that he is “comfortable with bitcoin.”
This was especially true whether you lived in Nigeria, Lebanon, Turkey, Venezuela, Iraq, Argentina, Ukraine, or Russia, he said.
Miller noted that “when the US chose to punish Russia, they lost 50% of their reserves.” This is “extremely positive for bitcoin,” he remarked in March. BTC was earlier described by Miller as “financial disaster insurance.”
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