Billionaire Investing Legend Remains Long-Term Bitcoin Bull

Back in January, it was announced that billionaire investor, Bill Miller, had about 50% of his personal net worth in Bitcoin. However, with the recent slump in crypto, has Miller changed his tune on BTC?

No. Apparently, he’s unfazed.

Noting how Bitcoin’s price movements have been closely correlated with the stock market, Miller said, ‘“The correlation right now is risk-on, risk-off. So, when the market’s been doing well, Bitcoin’s been up and when the market is down, Bitcoin’s been down. I think those correlations can continue to bounce around.”

Regarding any BTC sales, he said, “The short answer is no. The only time I would sell anything – I guess I’ll clarify that – I have sold stuff to meet margin calls because I’m always on margin and the stuff that you sell is very liquid.

The famous investor went on… “I haven’t heard a good argument about why you wouldn’t put 1 percent of your liquid net worth in Bitcoin…. So, I couldn’t see why you wouldn’t have something in Bitcoin just as a hedge…”

With stocks, especially tech stocks, now in a bear market, and BTC closely correlating to the movements in equities, bargain hunters have been scooping up some great stocks at relatively huge discounts.

And from an announcement made by a Silicon Valley investment fund, there may be crypto bargain hunters entering the market now, too.

It was recently reported that Andreessen Horowitz, a Silicon Valley firm, said it will start a new $4.5 billion fund to back crypto and blockchain companies, increasing its total investment to $7.6 billion.

As CNBC said of the fund’s launch, Andreessen is looking “to take advantage of bargains in (a) down market.”

Is now the right time for retail investors to bargain hunt in the crypto market as well?

Read more about Bill Miller’s comments on Bitcoin, HERE