Bill Miller Reveals Average Bitcoin Purchase Price

Bill Miller, founder of Miller Value Partners, disclosed that he purchased Bitcoin “at the very beginning” for $200, with an average entry price from 2012 to 2024 of approximately $700. The businessman shared this in an interview with Forbes.

According to him, Bitcoin is the only economic unit where supply is not dependent on demand or price, unlike traditional assets and precious metals.

“If the price of gold were $10,000 or $100,000 per ounce, much more would enter the market as unprofitable deposits would become economically viable. But if Bitcoin’s price reaches $100,000 or $1 million, the supply remains fixed […]”, Miller explained.

The investor noted that he became interested in Bitcoin after a presentation by Xapo founder Wences Casares at the Allen & Co Sun Valley conference in 2012.

At that time, Casares cited a lack of understanding of the technology and its purpose as one of the reasons people did not own the first cryptocurrency.

“He said this thing is different, that it’s a new technology, essentially digital gold, but better. You can send it anywhere in the world instantly for free, and the assets cannot be confiscated,” Miller recalls.

The founder of Miller Value believes Bitcoin is “insurance against financial catastrophe, inflation, and situations like those seen during the pandemic.” He predicts that within the next three to five years, most financial advisors will begin recommending clients allocate 1-3% of their assets to the first cryptocurrency.

In January 2023, Miller emphasized the need to distinguish between Bitcoin and centralized companies like FTX and Celsius Network, whose collapse deterred many potential investors from the crypto market.

In 2022, he revealed his investments in Bitcoin and altcoins, which at that time constituted up to half of his personal savings.