Investing Legend Bill Miller: Not Owning Bitcoin A ‘Massive Mistake’
Bill Miller, investing expert extraordinaire says that NOT owning Bitcoin is “…a massive mistake”
Famed investor and co-founder of Miller Value Partners Bill Miller says owning a portfolio without Bitcoin is a big mistake.
In his Q4 2020 letter on income strategy, Miller attempts to showcase Bitcoin’s benefits to his readers, going so far as to say that not owning Bitcoin in the past and going forward is a miscalculation.
Miller argues that despite Bitcoin’s volatility and other possible downsides, the trend shows that BTC is an asset facing consistently increasing demand.
“Bitcoin has been the best performing asset over eight of the past ten calendar years, and its annualized performance has blown away the next-best performer, the Nasdaq, by a factor of ten over the past decade. Not owning any Bitcoin has been a massive mistake, and we expect that will continue to be true. A long-term candlestick chart shows progressively higher lows despite significant volatility, clearly representing growing demand from long-term holders willing to tolerate the swings.
There is a 12-year track record of demand growing consistently faster than supply, and failing to own any Bitcoin at this point implies a belief that there will be a reversal in a long-prevailing and increasingly powerful trend. Almost every long-term holder of Bitcoin has earned a higher rate of return in Bitcoin than in anything else, and those who understand it see little reason to put their excess marginal liquidity into other assets at this point.”