Bill Miller remains bullish on bitcoin despite the current crisis

Bill Miller remains bullish on bitcoin despite the current crisis

American investor Bill Miller has announced that he has sold some of his “liquid assetsto meet margin calls, bitcoin is one such asset. However, the billionaire is a strong supporter of the major cryptocurrency framework, describing it as “financial disaster insurance».

True to his initial convictions

Earlier this year, Miller admitted to investing 50% of its portfolio in BTC. He also revealed that his first purchase was made seven years ago when the asset was trading at about $ 200. However, he made the most money during last summer’s crash, when bitcoin was worth $ 30,000.

Bill Miller, an investor and fund manager, is one of the most famous advocates of bitcoin. It strengthened its position during the COVID-19 outbreak and the controversial monetary policies implemented by many banking institutions. At the time, he claimed that bitcoin is valuable because “the government cannot touch it“.

In a recent interview for CNBC, he reiterated his position, saying that he does not understand that investors do not diversify their portfolios with the major critics. He further stated that he is not concerned about the current market downturn as he has had similar disturbances in the past:

I was at least three by dropping over 80%. To me it’s like a financial disaster insurance policy […] I have not yet heard a good argument as to why one should not invest at least 1% of their net liquid value in bitcoin.»

Also tremble at the current crisis

Asked if he had recently sold part of his BTC stash, Miller replied: “The short answer is no“. He will later discover that the investor has had to trade some of his “liquid stuff” to meet the margin calls.

A margin call occurs when the value of the securities in a brokerage account falls below a certain level. At that time, the account holder must deposit additional funds or sell some of its assets to meet the requirements. Remembering that bitcoin fits the definition of “liquid asset», May be the basis of some sales.

Nearly a year ago, Miller’s view was that traders should view the digital asset as an attractive investment option when its dollar valuation fell:

If I liked something at higher prices, chances are I would like it more at lower prices.. For him, in fact, bitcoin is safe, especially at lower prices.

He had made the comments at a time when BTC had dropped to around $ 30,000. Currently, this cryptocurrency is trading at almost the same price, which makes its view quite relevant for the real-time situation.

Miller is also of the opinion that there are some long – term investors who maintain a relatively optimistic stance on bitcoin and other cryptocurrencies, which they consider to be a reliable investment despite the general decline over the past week.

Source: CryptoPota

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