According to an interview published Friday in The Wall Street Journal, former Legg Mason fund manager Bill Miller has every reason to hope that Bitcoin hits another peak, like it did on Monday, with the 67-years old investor running a fund with nearly a third of its assets in one of the most popular cryptocurrencies, informs CNBC.
Definitely an inspired deal by Mr. Miller!
The fund, MVP 1, now has about 30 percent of its assets in Bitcoin, up from 5 percent last year. Considering the fact that Miller bought his Bitcoin for an average $350 each and that the cryptocurrency was trading around $6,100 Monday, we can notice that the fund’s digital currency investments have risen more than 1,600 percent.
Bill Miller is a living legend, one that made history at Legg Mason until 2016, when, after a 35-year career, he left and founded his own investment firm, Miller Value Partners.
Despite his success in spotting the value of Bitcoin, Miller declared that he’s not thinking of buying more Bitcoin for the fund at current prices, but once again renew his trust in the cryptocurrency. He said that he would be willing to “put 1% of my liquid net worth in it here” if he didn’t have already had his accounts full with Bitcoin. Back in 2014, Miller put 1 percent of his net worth into the digital currency.
The MVP 1 fund is pretty hot in 2017, rising 72.5 percent this year and having $154 million in assets under management.
The increasing price attracts more and more funds
Since the price of Bitcoin and other digital currencies have begun to grow, the number of funds focused on digital assets has also started to go up, reaching 124, according to financial research firm Autonomous Next.
However, there’s not only milk and honey surrounding Bitcoin. investors and banking executives have strongly criticized Bitcoin, with PMorgan Chase CEO Jamie Dimon even calling it a fraud.