Bill Miller revealed Thursday that he sold some of his bitcoin holdings as the recent losses in the cryptocurrency triggered margin calls. “I have sold stuff to meet margin calls … but that’s just a particular thing,” Miller said on CNBC’s ” The Exchange .” A margin call occurs when a security held in a margin account has decreased in value, and the broker requires the investor to either deposit additional funds in the account or sell some of the assets held. Bitcoin briefly fell below $26,000 for the first time in 16 months Thursday amid a broader sell-off in cryptocurrencies that erased more than $200 billion from the entire market in a single day. The founder of Miller Value Partners is a longtime bitcoin holder. During bitcoin’s rally to a record high last year, the cryptocurrency once ballooned to take up half of Miller’s personal assets . Miller previously said he started buying bitcoin around $200 to $300 years ago. Miller said he remained bullish on the digital currency over the long run, adding that he has experienced similar sell-off in different cycles. “I’ve been through at least three declines of over 80%. I own it as an insurance policy against financial catastrophe,” Miller said. “I do think it’s an area of very high risk and high volatility. But for me, I haven’t heard a good argument yet why anybody shouldn’t put at least 1% of their liquid network in bitcoin.”
Dan Mescon | CNBC
Bill Miller revealed Thursday that he sold some of his bitcoin holdings as the recent losses in the cryptocurrency triggered margin calls.