Bill Miller Bets Big on Bitcoin

Bitcoin? is continuing to cause its fair share of both investment and speculation in the world of finance. There are even some industry big-shots such as Bill Miller, the former president of Legg Mason, that are starting to get caught up in the game. Miller has stated that he would invest at least half of his own MVP hedge fund into the star of the cryptocurrency? world.

35 Years at Legg Mason

Bill Miller is both an investor and a knowledgeable player in the financial sector, thanks to having a 35-year career at Legg Mason, where he specialized in concentrated investments. Over the years, back in 2016, he had even created a speculative fund named the Miller Value Partners or MVP for short. With this experience in the field, he has recently speculated on the future of Bitcoin?, which lately has done nothing but keep investors in a panic.

In a recent interview for the podcast WealthTrack with Consuelo Mack, Miller said that he would be willing to wager half of his MVP fund on Bitcoin?. “Currently, it’s only about 50%... What we are studying is a way to mitigate risks cross the fund and our portfolio. It will not stay at 50% for long, however that does not necessarily mean that we are going to sell it.”

In October of 2017, we had learned from a Wall Street newspaper that Miller’s fund had invested nearly a third of its value into Bitcoin?. At the time, the cryptocurrency? had only been worth about $6,000. However, since then, the currency created by Satoshi Nakamoto has nearly tripled in value and by mid-December, it was worth about $20,000. With the jump in value like this, it’s easy to see why Miller thought to invest the crypto-king.

All Eyes on Bitcoin?

During the interview, Miller also said that his company would not be investing in any other cryptocurrency? other than Bitcoin?. He explained this decision by stating: “If we follow history, most of these other cryptocurrencies will eventually lose their value.”

The 67-year old said that in both 2014 and 2015, he had purchased Bitcoin? at an average price of $350 per unit, saying that some were worth less than $200, while others were more than $500.

However, Miller said that his son, who is a portfolio manager for his hedge fund, has considered investing in another type of cryptocurrency?. The latter being a new type of digital currency, whose ICO is expected in about one-months’ time and is looking to be a worthy investment.

https://www.youtube.com/watch?v=2QNxfCNFIAw