Hold it, don't trade it! Legendary fund manager who beat the market for fifteen years sees Bitcoin as far superior to gold, with unlimited returns.

Renowned industry figure Bill Miller, who has outperformed the S&P 500 Index for fifteen consecutive years and managed over $23 billion in contemporary investments, shared his views on Bitcoin as a burgeoning asset.

During an interview on June 25th, Risk investment firm Galaxy Digital CEO Mike Novogratz and Miller Value Partners CEO Bill Miller participated in FutureProof, where they discussed cryptocurrency investment strategies and their optimistic outlook on the future development of Bitcoin.

Early Adopters

Surprisingly, Bill Miller, a professional trader in traditional financial assets, bought Bitcoin at a very early stage. He stated:

I bought Bitcoin around 2013, the initial purchase price was around $200. It rose to $1,100 to $1,200, then Mt. Gox exchange declared bankruptcy, and Bitcoin dropped to $200 in 2014.

At that time, I entered the market again, with an average cost of around $300 per Bitcoin.

Miller emphasized several important factors that led him to become an early adopter and long-term advocate of Bitcoin. He pointed out:

As everyone knows, Bitcoin has always shown remarkable performance and is also known as digital gold. My idea is that if any asset is going to become a currency, a payment system, and try to become an asset with very low correlation, then it will experience dramatic price fluctuations.

Of course, its decentralization, limited total supply of 21 million coins, and immutable mechanism have greatly helped Bitcoin.

BitcoinFuture Investment Strategy

From an investment perspective, Miller believes that Bitcoin will continue to provide very favorable returns and advocates allocating a small portion of 1 to 2% of the investment portfolio to Bitcoin. In the long run, he believes that investing in Bitcoin could yield returns of a thousand times or even higher. He stated:

This is a high-risk investment. I may lose 100% of the capital I invested, but I may earn 100 times, 1,000 times, or even more. Therefore, I have not sold any Bitcoin.

As for the level of risk, Miller also offered an interesting insight, stating that Bitcoin is in a unique position: "When it is traded at $1, $5, or $10, the risk is extremely high, and it could easily collapse and disappear."

But the situation is different now. Bitcoin is priced above $9,000, and many well-known venture capital firms and big players are beginning to take it seriously. Figures like Ray Dalio (Bridgewater Associates) and Paul Jones (Tudor Investment) have shown interest in Bitcoin. "I believe Bitcoin has never been safer than it is now," Miller said.

When to Buy Bitcoin?

In fact, the theme of this interview is "When is the Right Time to Buy Into Bitcoin?" Miller believes that if investors do not currently hold any Bitcoin, then any time would be a good buying point. He explained:

As far back as the 1970s and early 1980s, there was talk of allocating 5% of assets to gold as a hedge strategy, an insurance mechanism to guard against market impacts like the inflation rate seen in the 1970s. I would say that if investing in gold was a wise choice back then, holding 1-2% of Bitcoin assets here is undoubtedly very meaningful.

Miller stressed that at most, it would be a loss of 1% of assets, with very low risk. Looking ahead, if gold plays a hedging and asset hedging role in any trend, just as predicted by Ray Dalio and Paul Jones, Bitcoin's performance in this field will far surpass that of gold.

As the interview concluded, Miller once again offered investment experience as advice: "Hold on, don't try to trade this asset with great potential. Once you start trading, you may quickly be 'washed out,' losing your original holdings."