Bill Miller, a billionaire investor and fund manager, continues to tout his investment in Bitcoin and why he believes the leading cryptocurrency will remain a hedge against economic uncertainty.
Protection from Unhealthy Fed Policies
Earlier this month, Miller spoke at the Forbes/SHOOK Top Advisor Summit in Las Vegas. The billionaire explained that the current economic situation has made the stock market almost untenable. Most companies whose stocks were able to deliver gains in the past decade are now getting “crushed,” and the fund manager blames rising interest rates for the continued struggle of many of these assets.
Miller explained that investors would be better served if they could focus on cheap and discounted stocks. The manager, who famously backed e-commerce giant Amazon at its initial public offering (IPO) in 1997, also explained that investors would do well if they shore up their positions with the long game in mind. As he recommends, anyone looking to enter the stock market must do so with a time horizon of more than a year.
While Miller believes that stocks are trading at good discounts currently, the billionaire also advocates for playing the long game to enjoy the best of the bull market if and when it comes.
Sharing his views on Bitcoin, Miller reiterated his bullish stance on the leading crypto asset. He called Bitcoin “misunderstood,” explaining that the asset’s value doesn’t necessarily lay within its price alone. As Miller explained, Bitcoin can provide investors with an additional insurance policy against financial disaster.
Miller also explained that this could be one of the best times to buy Bitcoin. As he sees it, the current economic climate will likely force the Federal Reserve to tighten inflation at its next meeting in November. And if the central bank continues along this path, Miller predicts that Bitcoin will fare better than most of the market.
Miller’s Unflinching Loyalty to Bitcoin
Miller has long advocated for Bitcoin to transfer value and protect wealth. Speaking with WalthTrack earlier this year, the billionaire pointed out that 50% of his wealth was tied to Bitcoin and other investments related to the asset.
The market-beating investor notably began buying Bitcoin back in 2014, when the asset traded for just $200. After being convinced about the asset’s potential, he quickly loaded up his position and became a crypto evangelist. Miller also claimed that he purchased Bitcoin during the bear market of 2021, purchasing the asset for $30,000.
Besides Bitcoin, Miller has also invested in several companies with close ties to crypto. As he told WealthTrack, he has holdings in companies such as Bitcoin miner Stronghold Digital (SDIG) and software company MicroStrategy (MSTR).
That said, Miller has also made pragmatic moves with his crypto holdings. In May, he told CNBC that he had offloaded some of his Bitcoin to cover margin calls. Even then, Miller emphasized that BTC continues to serve as a good hedge against economic downturns – even going as far as asking investors to hold at least 1% of their portfolios in the asset.
Expanding on his sale, Miller pointed out that it represented another reason Bitcoin is so great. Most investors look to cash out of highly liquid assets when they face margin calls, and Bitcoin’s nature made it the perfect asset to sell.
IMPT – The Perfect Asset to Load Up on
Although Miller continues to tout Bitcoin, BTC isn’t the only crypto that presents value. Investors have been increasingly drawn to IMPT, an asset that allows them to use blockchain for good.
IMPT powers the Impact Project – an Ethereum-based platform that allows investors to buy carbon credits. The platform is at the forefront of the battle against global warming, and IMPT also acts as a solid investment. With a presale that has already raised $5 million, IMPT could be the next big thing in crypto.
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