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Bill Miller, a billionaire, has a’very big’ bitcoin position –

Billionaire Investor Bill Miller Has 'Very Big' Bitcoin Position, Expects a Lot of Institutional Adoption This Year

Veteran investor and fund manager Bill Miller says he has “a very big position” in bitcoin and expects to see a lot of institutional adoption this year, particularly among endowments and foundations. He said that bitcoin is “insurance against financial disaster.”

Bill Miller Says ‘Bitcoin Is Insurance Against Financial Catastrophe’

Bill Miller, a well-known value investor, spoke about bitcoin Wednesday in an interview with CNBC. Miller Value Partners was founded by him and he currently serves as the chief investment officer and chairman. He oversees the firm’s Opportunity Equity and Income Strategy fund. He co-founded Legg Mason Capital Management before Miller Value Partners.

Miller referred to bitcoin and said, “It’s almost like an insurance policy.” You want them to be free from intrinsic value. Miller said:

Bitcoin is insurance against financial catastrophe as we see in Lebanon, or in Afghanistan, or many of these other countries where we saw around the time of the pandemic.

Miller clarified his January statement about bitcoin accounting for half of his net worth. He noted that media reports had misunderstood what he said. Miller stated that he had only invested a small percentage of his net worth in bitcoin, which grew to be half of his total fortune when the price of cryptocurrency rose. However, he added that now BTC accounts for less than half of his total net worth because the price has fallen since its high in November.

” I put in a small percentage of my net wealth a while back and it has grown to half of my networth. It’s now less than half of what it was in November, but it’s still a significant amount. He said that it was still a significant position.

Commenting on KPMG Canada buying bitcoin and ether for its corporate treasury, Miller said he sees the move as bullish for the crypto sector. The billionaire fund manager said:

I think you’re going to see a lot of adoption among foundations and endowments and institutions this year, and that’s going to continue.

The veteran investor has been a proponent of bitcoin for a long time. In September last year, his hedge fund company told the U.S. Securities and Exchange Commission (SEC) in a filing that bitcoin has “significant upside potential” as digital gold.

When the price of bitcoin fell in May last year, he was unfazed by the falling price, emphasizing that bitcoin price corrections are pretty common.

What do you think about Bill Miller’s comments? Comment below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection of cryptography and economics.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage caused by or alleged to have been caused by the use or reliance of any content, goods, or services mentioned here.

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BTC slips amid poor debut for Hong Kong spot ETFs

Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading. Data showed trading volumes hit just over $11 million, against expectations of over $3oo million. Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading…

  • Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading.
  • Data showed trading volumes hit just over $11 million, against expectations of over $3oo million.

Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading for much hyped spot Bitcoin and Ethereum ETFs in Hong Kong.

BTC was down about 1.4% at the time of writing, having touched lows of $61,587 across major crypto exchanges.

The benchmark cryptocurrency, which has struggled to reclaim key levels since its recent halving event, was seeing a 24-hour trading volume of $28.4 billion.

Bitcoin price and Hong Kong spot ETFs debut

Earlier, Bitcoin price surged to above $64,000 as the six spot Bitcoin and spot Ethereum ETFs went live in Hong Kong.

The flagship cryptocurrency rose to over $64,727 on US-based crypto exchange Coinbase. BTC also soared after reports Hong Kong approved the listing of the ETFs.

NEW: 🇭🇰 Opening ceremony of Hong Kong spot #Bitcoin ETFs 👏

— Bitcoin Magazine (@BitcoinMagazine) April 30, 2024

However, as data streamed in showing disappointing trading volumes and inflows, Bitcoin price took a hit. According to details of the six ETFs’s debut day, total trading volume reached just $11 million, not impressive given projections were much higher at over $300 million.

Bitcoin ETFs saw about $8.5 million while Ethereum ETFs recorded just $2.5 million on the first day. Ethereum price fell to $3,040.

Notably, the figures from Hong Kong are way lower compared to those recorded amid the enthusiasm that greeted the launch of spot Bitcoin ETFs in the US in January. On their debut, the US spot BTC ETFs raked in over $4.6 billion in trading volume.

The start to trading for the ETFs has not helped BTC price and BTC could face a slide under the $60k level if sentiment flips negative. On the upside, resistance at $65k remains critical and a breakout could see the bellwether digital asset soar towards its recent peak.

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