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Famed value investor and fund manager Bill Miller says he has \u201ca lot\u201d of bitcoin and has not sold any despite the recent crypto sell-off. He insisted that investors should put some of their liquid net worth in the cryptocurrency.<\/strong><\/p>\n Famed value investor Bill Miller is still bullish about bitcoin despite recent price declines. He confirmed in an interview with CNBC Thursday that he owns \u201ca lot\u201d of bitcoin and hasn\u2019t sold any.<\/p>\n Miller is the founder of Miller Value Partners and currently serves as its chairman and chief investment officer. He manages the firm\u2019s Opportunity Equity and Income Strategy funds. Prior to Miller Value Partners, he co-founded Legg Mason Capital Management.<\/p>\n He explained that if bitcoin goes down to half its current price, he wouldn\u2019t be surprised due to its volatility. However, \u201cI would be grim because I own a lot of it,\u201d the fund manager said.<\/p>\n Miller was asked, \u201cAre you selling any [bitcoin], have you sold any?\u201d He replied:<\/p>\n The short answer is no.<\/p>\n<\/blockquote>\n However, he clarified that he sometimes sells \u201cstuff\u201d to meet margin calls. \u201cI\u2019ve sold stuff to meet margin calls because I\u2019m always on margin and the stuff that you sell is the stuff that is very, very liquid, for me anyway,\u201d he explained, without mentioning BTC<\/a> specifically.<\/p>\n At the time of writing, bitcoin is trading at $30,064, up 1.5% in the past 24 hours but down 15.5% in the last seven days and almost 25% in the past 30 days.<\/p>\n Commenting on investors losing money amid crypto sell-offs last week, Miller said: \u201cIf people have lost a lot of money in crypto, they have been speculating on the stuff they don\u2019t know anything about, especially if they are surprised to have lost money because most of the ICOs [initial coin offerings] that came around in 2017 have gone to zero.\u201d<\/p>\n There are currently almost 20,000 cryptocurrencies, according to Coinmarketcap. Miller said: \u201cAll except for bitcoin, including ethereum, have competition.\u201d He noted that he does not have the expertise to evaluate all crypto projects but is \u201ccomfortable with bitcoin.\u201d<\/p>\n Miller was also asked if he thinks bitcoin is a buy at $29,000. He replied:<\/p>\n I haven\u2019t heard a good argument about why you wouldn\u2019t put 1% of your liquid net worth in bitcoin.<\/p>\n<\/blockquote>\n He added that it is especially true if you lived in countries like Venezuela, Argentina, Lebanon, Turkey, Nigeria, Iraq, Ukraine, and Russia. The famed investor noted: \u201cRussia lost 50% of their reserves when the U.S. decided it was going to sanction them.\u201d He said<\/a> in March that this is \u201cvery bullish for bitcoin.\u201d Miller previously called<\/a> BTC<\/a> an \u201cinsurance against financial catastrophe.\u201d<\/p>\nBill Miller Shares His Bitcoin Outlook<\/h2>\n
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