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Legendary Investor Bill Miller Now Holds Half His Hedge Fund in Bitcoin



Finance

With the launch of bitcoin futures by two leading American options exchanges, lending the cryptocurrency more credibility among mainstream investors, Wall Street is turning to known figures to explain the phenomena. One proven financial wizard they might listen to is legendary value investor Bill Miller whose hedge fund is now holding 50% of its assets in bitcoin.

Also Read: Thomson Reuters Adds Bitcoin Cash to Eikon Platform

Bitcoin-Heavy Hedge Fund

Bill Miller, chairman of Miller Value Partners LLC, has revealed in a recent interview that bitcoin holdings comprise approximately 50% of the assets in his MVP 1 hedge fund. He is a former chairman of Legg Mason Value Trust mutual fund and bought his place in the history books by beating the S&P 500 Index consecutively for fifteen years. Miller explained that he started by holding a much smaller amount in bitcoin but the investment quickly mushroomed along with bitcoin’s value and came to dominate half his portfolio.

Describing how a value investor like himself can benefit from riskier assets, Miller pointed to the negative reactions people had toward Amazon and Google when they first entered the market. He thinks that bitcoin’s vocal detractors on Wall Street like JP Morgan’s Jamie Dimon exhibit “old thinking” when it comes to a revolutionary new concept. This is similar to a sentiment expressed by fellow hedge fund mogul Mike Novogratz who recently said bitcoin skeptics are just too old to get it.

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