Market-beating investor and famed fund manager Bill Miller said he has been buying Bitcoin since it cost just $200, according to Business Insider.
If true, then Miller has been in the Bitcoin market since 2015, which was the last time Bitcoin fell between $200 to $300 per coin. Miller claimed the average cost of his Bitcoin was about $500. Bitcoin is currently trading around $45,000, suggesting Miller has made about a 9000% gain, if he has held onto his investment.
According to a recent 13F filing reported by Business Insider, Miller Value Partners bought 121,185 shares (worth roughly $30 million) of the newly public Coinbase in the second quarter of 2021. That investment has not paid off as well as buying Bitcoin, as the altcoin exchange is down around 24% since going public in April.
Notably, no investment held since 2015 has outperformed Bitcoin. Miller’s early adoption is in part what made him a billionaire despite the wealth he lost during the 2008 financial crisis.