Why Billionaire Bill Miller remains bullish despite the recent heavy crash?

Amidst the crypto market going through heavy crashes, several investors like Bill Miller are being bullish over

Recently, Bill Miller, a legacy American investor, unveiled that he has sold some of his liquid stuff to make sure satisfying the recent margin calls as the top cryptocurrency bitcoin might be one of his portfolio’s assets. The billionaire, however, remains one of the keen supporters of bitcoin (BTC) while describing it as crucial insurance against the financial catastrophe.

Bill Miller, one of the prominent investors in the US, fund manager, and philanthropist, is also a known and popular supporter of bitcoin. Further, during the COVID-19 outbreak, he strengthened his stance and the financial policies having controversies that many banking institutions had introduced. He argued that bitcoin is valuable because it cannot be interfered with by the government.

Miller admitted earlier this year is having 50% of his investment portfolio into bitcoin (BTC). He further disclosed his first purchase occurred about seven years ago when bitcoin was trading at a price of around $200. However, he later accumulated the most amount of crypto assets during the summer of last year, when crypto was standing at about $30,000.

In his recent interview with CNBC, the American investor again repeated his position while saying he doesn’t understand those investors who do not act towards diversifying their investment portfolios with several leading cryptocurrencies. Moreover, he said that he is not concerned by the current decline in the market as he has experienced facing similar turbulence before.

Miller said that he has been through a decline of more than 80% at least three times now. He said that he owns it, considering it an insurance policy against financial catastrophe-type situations. He has not heard any good arguments why anyone should not put 1% of their accumulating net worth in bitcoin.

When asked whether he has been selling a portion of his stash of bitcoin recently, Miller said that the short answer for this is no. However, the investor needed to trade an amount of his liquid stuff in order to meet his margin calls. A margin call is an instance that occurs when the securities’ value in a brokerage account falls below a certain level. This is the point when the account holder either must deposit the additional funds or should sell some of his assets to fulfill the requirements. While doing so, this should be kept in mind that bitcoin fits the box of being liquid stuff, and it could have made some of the sales.

ALSO READ: LUNA-based ETPs Face Difficulty In Trading As Terra Network Suffer Halts