Miller Value Partners founder Bill Mueller revealed the only reason he sold some of his Bitcoin BTC/USD.
What happened: In an interview with CNBC on Thursday, Miller revealed that he has occasionally sold the leading cryptocurrency asset to meet margin calls.
See also: How to Buy Bitcoin (BTC)
“I’ve been selling stuff to meet margin calls because I’m always on margin and the stuff you’re selling is very, very liquid,” he said.
The investor is a well-known Bitcoin advocate and has previously stated that 50% of his personal portfolio is invested in Bitcoin and Bitcoin-related investments.
Bitcoin is down 57% from its all-time high of $69,044 and is currently trading at $29,500. When asked if he was still bullish on the Apex coin and if he had any plans to sell it, Miller reportedly said his “short answer is no.”
“I’ve been through at least three drops of 80%+. I own it as an insurance policy against financial disasters… I haven’t heard a good argument why anyone shouldn’t invest at least 1% of their net worth in bitcoin,” Miller said.
See also: HOW TO BUY BITCOIN (BTC).
The investor believes that the majority of existing cryptocurrencies on the market, apart from Bitcoin, may no longer exist in a few years.
He also said he doesn’t have the expertise to evaluate them but considers them risky investments, according to the report.
“That means they’re driven by power laws rather than your typical Gaussian distribution,” he was quoted as saying.
Photo Courtesy Miller Venture Partners
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