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Legendary Investor Bill Miller’s Hedge Fund has 30% of Assets in Bitcoin

Bitcoin | Bitcoin News in inda | Bitcoin investor | Bitcoin and Bill Miller | Bill Miller bitcoin networth

Bill Miller, the founder and chairman of Miller Value Partner’s LLC, in his recent interview with the Wall Street Journal has revealed that Bitcoin amounts to 30% of his assets in his $154 million USD MVP 1 hedge fund.

The percentage of Bitcoin holdings in the hedge fund has considerably increased over the last year where Bitcoin represented only 5% of MVP 1’s assets in 2016. In his latest letter to investors, Miller has mentioned that the average price of Bitcoin holding in the hedge stands at $350 per BTC which shows that Miller had quite earlier anticipated the potential in Bitcoin investments. Miller said that over the past year, the value of the MVP 1 hedge fund has grown by a whopping 72.5% while it peers have just managed to give around 14% return.

However, when asked about his views on the long-term potential of Bitcoin and cryptocurrencies, Miller was modest to say that he won’t be considering any additional Bitcoin purchases at this point in time and said that he had absolutely no idea what is the long term fate of Bitcoin.

In his letter to investors, Miller writes:

“My view on bitcoin is that it is a technological experiment that may or may not prove to have any long lasting value. Bitcoin has a market capitalization greater than 90% of the companies in the S&P 500, but it still might fail. I don’t know and neither does anyone else, no matter how certain they are of their opinion. I believe there is still a nontrivial chance bitcoin goes to zero, but each day it does not, that chance declines as more venture capital flows into the bitcoin ecosystem and more people become familiar with bitcoin and buy it.”

Miller is quite a recognised name in the mutual fund community and holds a record for beating the S&P 500 consecutively for a period of 15 years.

 

Also Read: Hedge Fund Legend Says Bitcoin Price May Touch $10,000 By April 2018

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