Billionaire investor and famous fund manager Bill Miller revealed that he has been buying Bitcoin since 2015, when digital currency traded for just $200.
Last April, when Bitcoin was quoted at $55,000 in the market, Bill Miller came out in defense of the cryptocurrency. According to him, bitcoin is not a bubble, as claimed by some who were attacking the technology for its meteoric value in the market.
In November 2020, the investor had already stated that large companies would get involved with Bitcoin, which ended up happening in 2021.
At that time, the price of Bitcoin was still at $15,000 and Miller claimed the quote was great for buying. This Thursday (19), each BTC is worth US$ 44,000, which shows that this analyst has been right in his predictions about the main cryptocurrency in the world.
Billionaire who buys Bitcoin since 2015 increases bet on the market
In the traditional financial market, Bill Miller is the renowned investor who beat the S&P 500 with his investments. After this feat, he gained the respect of many, becoming one of the billionaires who made it big with risky bets.
However, what few people know is that this mega investor buys Bitcoin since the currency was quoted at US$ 200.00. According to Business Insider, the his average purchase price is at $500.00 today, that is, he is one of the beginning investors of cryptocurrency.
But what caught my attention now is that your company, Miller Value Partners made a millionaire contribution in shares of Coinbase, the largest Bitcoin broker in the United States. According to an acquisition report, 121,000 shares were purchased from the exchange, for an approximate cost of US$30 million.
This new take on the Bitcoin market, which the billionaire has been a longtime enthusiast, shows he is confident that, just as cryptocurrency has performed well, ecosystem companies will perform well.
Coinbase, it is worth noting, is the first Bitcoin broker in the world to have shares listed on the stock exchange, in 2021.
“There is no way to predict the future”
In a letter to the market in July, Bill Miller shared some of his views on the current financial market. According to him, it is impossible to predict the future, since “predictions are as accurate as flipping a coin“.
“I don’t have an overview of the market, as I find it more useful to try to understand what is happening than to try to predict what will happen. The future is about probabilities and the current situation is about facts and interpretations. No one has privileged access to the future, and market forecasts tend to be as accurate as tossing a coin.”
Even so, he recalled that inflation was low and investors forgot the decades when this measure was out of control. Thus, Bitcoin was born in the 2008 crisis and should prove to be an inflation-proof asset, which can be a lasting reserve as it is proof of government manipulation.
“Inflation has been very low (as the Fed sees it) long enough that most investors have forgotten about the 1970s and early 1980s when it was a big problem. It is perhaps ironic that, 50 years ago, President Nixon took the US off the gold standard. During the postwar period until 1971, global banking crises were few. Since the adoption of a floating exchange rate system, there have been many.
O Bitcoin it was born out of the 2008 crisis and was designed to be free from government control and manipulation, to be the ultimate in an inflation-proof asset. It is an open question whether it will be a lasting store of value, with many strong opinions on both sides.”