Bill Miller founded Miller Value Partner LLC in 1999 and is known as a legendary investor. All it takes is one look at his investment in Amazon over 20 years ago to see why he’s comparing it now to what he calls his Bitcoin bet.
The investor with a net worth of about $500 million bought into Amazon when the stock was priced at $17. Currently, at $3,282.40, you can see why he looks back on that decision with a massive smile on his face.
In a recent interview moderated by his son, Bill Miller IV, “A Meeting of Great Minds: Bill Miller and William Green,” Mr. Miller stood strong on his Bitcoin bet, “I’m willing to go over the waterfall with this one too.”
His statement is about how he felt about his investment in Amazon. It also speaks volumes about his investment strategies period. He believes that you probably shouldn’t invest if you’re an investor who can get shaken by some ups and downs in the market. His investment decisions are mainly for the long haul, and it has paid off nicely for him so far.
“Bitcoin is a lot less risky at $43,000 than it was at $300. It’s now established, huge amounts of venture-capital money have gone into it, and all the big banks are getting involved.”
Bill Miller isn’t the only investment expert touting the digital currency. Analysts at the British bank Standard Chartered have predicted that Bitcoin will hit $100,000 by the end of this year. In addition, former Goldman Sachs hedge-fund chief and co-founder of the financial media company Real Vision, Raoul Pal, says Bitcoin will surge to $1,000,000 within five years.
Bill Miller may have bought into Bitcoin years ago when the average cost of his purchase was $500 a coin. Still, as you can see, there is so much more future left in digital currency. It will establish itself, and when all of the Bitcoin has been mined, that’s it. There won’t be any more to mine. That’s one of the many benefits of buying Bitcoin.
There will be enough to go around, but there won’t be more to add to the system. That will raise its value tremendously, and this truth is exactly what’s wrong with fiat. When the government can print more money just like that, the dollar’s value only continues to lose worth.
If you’re looking for a hassle-free way to make a Bitcoin bet of your own, Byte Federal ATMs are everywhere you are: