Why Veteran Investor Bill Miller Sold 'Some' Bitcoin (BTC)
Miller Value Partners founder Bill Miller has revealed the only reason why he sold some of his Bitcoin (CRYPTO: BTC).
What Happened: In an interview with CNBC on Thursday, Miller revealed that he has occasionally sold the leading cryptocurrency asset to meet margin calls.
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“I have sold stuff to meet margin calls because I’m always on margin and the stuff that you sell is the stuff that is very, very liquid,” he said.
The investor is a well-known Bitcoin proponent and has previously stated that 50% of his personal portfolio is in Bitcoin and Bitcoin-related investments.
Bitcoin has lost 57% from its all-time high of $69,044 and is currently trading at $29,500. When asked whether he was still bullish on the apex coin and if he had any plans to sell, Miller reportedly said his “short answer is no."
"I’ve been through at least three declines of over 80%. I own it as an insurance policy against financial catastrophe ... I haven’t heard a good argument yet why anybody shouldn’t put at least 1% of their liquid net worth in bitcoin,” said Miller.
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The investor believes a majority of existing cryptocurrencies on the market, besides Bitcoin, might not exist a few years down the line.
He also said he did not have the expertise to evaluate them, but thinks of them as venture investments, according to the report.
“This means that they are going to be driven by power laws rather than your typical Gaussian distribution,” he was quoted as saying.
Photo Courtesy: Miller Venture Partners