Bill Miller, founder and chairman of investment firm Miller Value Partners, shared that his average purchase price for Bitcoin is around $700, with his first batch bought at $200. The investor disclosed this in an interview with Forbes. Miller began buying Bitcoin in 2012 and continued investing in the cryptocurrency over the years.

“Bitcoin is the only economic unit where supply is unaffected by demand or price. If the price of gold rises to $100,000 per ounce, much more gold will come onto the market. But if Bitcoin’s price reaches $1 million, its supply remains unchanged,” Miller explained.

“He said it’s a new technology, essentially a better version of gold: Bitcoin can’t be confiscated, and it can be sent anywhere in the world instantly and nearly for free,” Miller recalled.

Miller emphasized that his Bitcoin investments act as a hedge against financial crises, inflation, and situations like the COVID-19 pandemic. He predicts that within the next three to five years, most financial advisors will begin recommending their clients allocate 1% to 3% of their assets to Bitcoin.

“Bitcoin is an insurance policy against financial catastrophe, inflation, and it’s something we witnessed during the pandemic,” Miller highlighted.

In January 2023, Miller also commented on the collapse of centralized entities like FTX and Celsius Network, stressing the importance of distinguishing them from Bitcoin. According to him, the bankruptcies of these companies negatively impacted the crypto market and deterred potential investors, but these events were unrelated to Bitcoin itself.

Miller also disclosed that his investments in Bitcoin and altcoins represent a significant portion of his personal wealth. In 2022, he revealed that up to half of his net worth was invested in cryptocurrencies, underscoring his trust in digital gold as a long-term asset.