Bitcoin was trading at USD 200 when Miller first bought it and at USD 200 when he did it again. He considers it an insurance policy against financial crises and a powerful investment tool better than gold.
Although the price of Bitcoin has hit lows around USD 41,000 in early 2022, renowned investor Bill Miller is optimistic about its value. He recently commented that he no longer considers himself a Bitcoin spectator but a true Bitcoin protagonist.
The billionaire has invested 50% of his net worth in Bitcoin and other assets related to leading technology and cryptocurrency companies. He said he had put money in MicroStrategy and Bitcoin mining firm Stronghold Digital Mining. He also noted that the rest of his investment portfolio is in the American e-commerce company Amazon.
Miller recalled that he first bought Bitcoin in 2014 when it was worth around USD 200. Then, he mentioned that he invested in it again when it was trading at USD 500. The investor did not acquire it again for years until its price dropped below USD 40,000 in July 2021.
The fund manager said he invested in Bitcoin again when it was worth just USD 30,000, below USD 66,000. He argued that many more people were using it, and much more money was coming from the venture capital world. Miller added that he purchased a fair amount of BTC in the range of USD 30,000.
He considers that Bitcoin as an insurance policy against an upcoming financial catastrophe. In addition, he views the pioneering cryptocurrency as a powerful investment tool that has outperformed gold.
Bitfarms Acquires More than USD 43 Million in BTC This Month
Canadian cryptocurrency mining company Bitfarms has bought 1,000 BTC so far in 2022. In that way, the company currently has more than USD 179 million in its coffers.
Bitfarms recently reported it acquired those coins for USD 43.2 million in the first week of January. That is the same amount of Bitcoin they added to their treasury in the third and fourth quarters of 2021. The company said they currently own more than 4,300 BTC, about USD 179 million of accumulated capital in crypto assets.
Emiliano Grodzki, the founder and CEO of Bitfarm, talked about their business strategy. He stated that they seek to accumulate the highest amount of Bitcoins at the lowest cost and in the shortest time possible.
Many media outlets currently criticize the environmental harm that cryptocurrency mining allegedly causes to the environment. However, miners increasingly use renewable energy sources such as hydroelectric power to reduce their carbon emissions.
President Nayib Bukele Will the Increase Geothermal Power for Bitcoin City
The Salvadoran president, Nayib Bukele, recently provided further details about the supply of geothermal energy destined for Bitcoin City. He said they had dug new wells to increase their electric energy production.
Bukele reported that they seek to supply electricity to the first city worldwide with an economy based on Bitcoin. He explained that one of the wells could provide 95 megawatts (MW) of clean, cheap and renewable energy for a couple of million years.
The head of state of El Salvador referred to geothermal energy as one of the primary natural resources in the country. Besides, he highlighted that it is a renewable energy source with higher efficiency than other alternatives.
By Alexander Salazar
