Well-Known CIO Bill Miller Invests 50 Percent of Hedge Fund In BitcoinDecember 19, 2017 4:24 pm
Speaking on the podcast WealthTrack, American investor Bill Miller told the audience around half the money from his hedge fund Miller Value Partners (MVP 1), or approximately $1.1 billion, is currently invested Bitcoin, Cointelegraph reported.
Miller established MVP 1 in 2016 after a 35-year career at Legg Mason, where he also managed concentrated funds, the report said.
In the podcast interview, Miller explained the investment will not remain so highly concentrated, the report said, but acknowledged he recognizes the value of holding bitcoin.
“It’s just about 50 percent right now…,” Miller said. “What we’re studying is ways in which we can mitigate risk to the overall fund and the portfolio. It won’t be 50 percent of the fund for that much longer, which does not mean necessarily that we’re going to be selling it.”
According to the Wall Street Journal, the MVP 1 fund had almost a third in Bitcoin and around $154 million in assets under management as of late October 2017. During that time, bitcoin was trading at about $6,000, the report said.
Currently, the price of the cryptocurrency has increased considerably, breaking $20,000 a coin this week, Cointelegraph reported.
Miller’s overall firm currently manages $2.2 billion worth of assets total, the report said. These assets include separate accounts for mutual funds and high net worth individuals.
– WN.com, Jack Durschlag