Legendary Billionaire Investor Reveals Huge Bitcoin Bet As The Price Of Ethereum, BNB, Solana, Cardano And XRP Suddenly Soar

Bitcoin and cryptocurrency prices are rebounding again after a selloff that wiped out nearly $1 trillion from the common cryptocurrency market — and after a closely watched investor called for the bottom of the market.

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The price of bitcoin, which this week fell below $40,000 per bitcoin for the first time since September, has surged to around $43,000 — a 5% increase over the past three days. The price of Ethereum also rose, adding nearly 10% and boosting the price of its rivals Binance BNB, Solana, and Cardano.

Now, billionaire investor Bill Miller has revealed that 50% of his net worth is held in bitcoin and related crypto investments — calling bitcoin an “insurance policy against financial catastrophe.”

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“My thinking was that there are a lot of people using [bitcoin] Now,” Miller said, speaking during an interview with WealthTrack and disclosing his personal stake in tech company-turned-MicroStrategy and bitcoin mining company Stronghold from tech company-turned-Bitcoin acquisition company. “There is a lot of money being invested in the world of venture capital. There are a lot of skeptics, who are now at least trying to give it a try.”

In December, Thomas Peterffy, founder of trading platform Interactive Brokers, who once warned that bitcoin futures could “destabilize the real economy,” said investors should buy a small amount of cryptocurrencies like bitcoin or ethereum if the dollar were to go. go to hell.”

Fears of rising inflation, which is at a 40-year high in the United States, have led investors to buy bitcoin to hedge against a depreciating dollar.

Miller, who built his reputation as a fund manager by outperforming the S&P 500 for 15 consecutive years during the 1990s and into the 2000s, said that aside from his investments in bitcoin and cryptocurrency, the rest of his personal portfolio is in Amazon shares, calling To perhaps himself the largest single contributor to Amazon “his last name is not Bezos”.

“It has to do with the very basic level of supply and demand,” Miller said. WealthTrackHe now declares himself a “Bitcoin Bull” rather than just a “Bitcoin Watcher”.

“Bitcoin is the only economic entity where supply is not affected by demand,” he said, referring to the Bitcoin block reward paid to miners who secure the bitcoin blockchain and Bitcoin’s solid value of 21 million coins.

Miller revealed that he started buying bitcoin in 2014, when it was only $200 per bitcoin, and then bought “a little bit more time” after it rose to $500. Then it sat on the sidelines until Bitcoin crashed back to $30K last year, down about 50% from its highs of around $66K in April.

“This time I started buying it again for $30,000, down from $66,000,” Miller said, adding that he bought “a reasonable amount in the $30,000 range.”

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The price of Bitcoin then soared to an all-time high of nearly $70,000 in November on the back of the hype surrounding the first fund to trade on the US Bitcoin futures exchange. Since then, the price of bitcoin has lost 40% of its value, along with ethereum and most other major cryptocurrencies, as investors worry that the Federal Reserve will raise interest rates and start shrinking its bloated balance sheet.

Despite his belief in bitcoin, Miller advised regular investors not to put more than 1% of their portfolio in bitcoin, saying that “even if it goes to zero, which I think is very unlikely, but of course possible, you can always afford to lose 1 %”.

“I think the average investor should ask himself or herself, what do you have in your portfolio that has this kind of record — number one, not very hacked; it can provide a financial catastrophe insurance service that no one else can provide and can increase 10 times or 50 time? The answer is: nothing.”