The former chairman of Legg Mason Capital Management is Bill Miller.
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Bill Miller, a legendary investor, recently revealed that half of his personal net worth is invested in cryptocurrencies, contrary to his advice that investors should allocate just 1%- 2% of their portfolios to digital assets.
He said in an interview with WealthTrack on Friday that he first bought the virtual currency in the summer of 2014, when it was around $200. He kept buying more and stopped when it reached $500.
After the coin crashed from its all-time-high of $66,000 in the spring of 2021, he started buying it again.
Miller told WealthTrack that MicroStrategy is one of the investments he has been adding to since then.
There are a lot more people using it. There is more money going into it in the venture capital world. There are a lot of people who are skeptics who are trying it out.
Miller said he invested the rest of his portfolio in Amazon. Miller said in an interview that he was likely the largest individual shareholder of Amazon.
Miller was the chairman of Legg Mason Capital Management Value Trust and was known for his 15 years of beating the S&P 500. He founded Miller Value Partners in 1999 and is now the chief investment officer.
Miller said in an interview with WealthTrack that he believes that digital gold is an insurance policy against a financial catastrophe that no one else can provide.
Miller brought up a common argument against the world's largest digital asset.
The investor compared the Mickey Mantle baseball card that sold for $5 million in January 2021, to the Picasso paintings that sell for hundreds of millions of dollars.
He told WealthTrack that it came down to the very basic level of supply and demand. The supply is unaffected by the demand inBitcoin.
He warned against the volatility of the virtual currency for short-term investors.
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