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February 9, 2022

Source: cnbc.com

Famed value investor Bill Miller is doubling down on the bitcoin space, saying cryptocurrency miners are trading at very attractive valuations.

Speaking Wednesday on CNBC’s “ The Exchange, ” the founder of Miller Value Partners said it’s still early days for the entire industry. He said more institutional investors such as endowments and foundations are going to use crypto as a way to diversify their portfolios this year.

The investor said he’s been buying bitcoin-related stocks and ancillary players to benefit from crypto’s long-term success, such as newly public bitcoin miner  Stronghold Digital.

“There will be more companies becoming public the way that Stronghold did recently. Bitcoin miners... they are trading at very attractive valuations,” Miller said.

He also highlighted  Silvergate Capital , a payments-services company, which recently acquired Diem, a stablecoin-payments system originally put in motion by Facebook. Miller previously revealed that he owned software company  MicroStrategy , which is heavily invested in bitcoin.

The longtime bitcoin bull recently revealed that the world’s largest cryptocurrency  made up for more than half of his personal wealth , but the position has dipped as of late due to a sell-off, he said Wednesday.

He started buying  bitcoin  at around $200 to $300 years ago. The digital coin now trades around $44,000 and hit an all-time high last year above $68,000.