Miller Value Partners founder Bill Miller bought Bitcoin “at the very beginning” at $200, and its average entry price from 2012 to 2024 is about $700. The businessman told this in an interview with Forbes.
According to him, the first cryptocurrency is the only economic unit where supply does not depend on demand or price, unlike traditional assets and precious metals.
"If the price of gold was $10,000 or $100,000 an ounce, there would be a lot more coming into the market because uneconomic mines would become economically viable. But if the price of Bitcoin reaches $100,000 or $1 million, the supply will remain fixed [...]," Miller explained.
The investor said he was drawn to Bitcoin by a speech by Xapo founder Wences Casares at the Allen & Co Sun Valley conference in 2012.
Then, among the reasons why people do not own the first cryptocurrency, Casares named a lack of understanding of the technology and its purpose.
"He said this thing was different, this was a new technology that was essentially digital gold, but better. You could send it anywhere in the world instantly for free, and the assets couldn't be confiscated," Miller recalled.
The founder of Miller Value believes that Bitcoin is “an insurance policy against financial disaster, against inflation, and against the situation we saw during the pandemic.” According to his predictions, over the next three to five years, most financial advisors will begin to recommend that clients invest 1-3% of their assets in the first cryptocurrency.
Recall that in January 2023, Miller emphasized that it is necessary to separate Bitcoin from centralized companies like FTX and Celsius Network, whose collapse scared away many potential investors from the crypto market.
In 2022, he revealed his investments in Bitcoin and altcoins, which at the time accounted for up to half of his personal savings.
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