Miller Value Partners Chairman and former Legg Mason Capital Management CIO Bill Miller told CNBC that he sold some of his Bitcoin (BTC) holdings to raise cash to meet margin calls.
"The short answer is 'no,'" Miller said when asked if he had sold Bitcoin. Miller, who wore a Bitcoin hat throughout the interview, acknowledged that he has sold some "stuff" to meet margin calls, noting that in tough times you want to sell very liquid assets, and Bitcoin fits that category.
"I've seen at least three declines of over 80%," recalled Miller, who first bought the cryptocurrency in the $200 to $300 range. "I own it as an insurance policy against financial catastrophe ... I have yet to hear a good argument why someone shouldn't put at least 1% of their liquid network into bitcoin."
As for his near-term outlook for bitcoin, Miller says he has "no idea," and while he would be "saddened" if bitcoin halved again from here, he wouldn't be surprised.