Bill Miller, a legendary Investor, mints millions by investing 30% of his total hedge fund assets into Bitcoins.

With an unprecedented run over the past year, investments in Bitcoins have skyrocketed over the period of time with the price of Bitcoin surging to new highs in past few months. While, a few top and renowned bankers from the Wall Street have openly criticised Bitcoins recently, there are legendary investors like Bill Miller who have minted millions of dollars by their investments in Bitcoin.

In his recent interview with the Wall Street Journal, prominent investor and chairman of Miller Value Partners LLC – Bill Miller – that 30% of the assets of his $154 million USD MVP 1 hedge fund have been invested in Bitcoin. Miller says that Bitcoins have contributed quite significantly to multiply his fund value and give a handsome return. In 2016, Bitcoin investments contributed to only 5% of the MVP 1 hedge fund assets. Miller says that supported by the unprecedented Bitcoin rally in 2017, his hedge fund has managed to gain a whopping 72.5% in value.

In his latest letter to investors, Bill Miller that the average bitcoin price for the fund was $350 per coin. This means that major part of Miller’s investment in Bitcoins was done last year in 2016 before the rally had just resumed. However, he has made it clear that fund will not buy Bitcoins at the existing prices but said that he would be willing to “put 1% of my liquid net worth in it here” if he already didn’t own Bitcoins in his personal account.

When asked about the future of Bitcoin, Miller was modest enough to say that he really had no idea of the long-term fate about this cryptocurrency: “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.”

He continued: “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.”

Earlier this year, Forbes has reported that Miller had put 1% of his wealth in Bitcoins back in 2014. As an investor, Miller has proved his worth through his returns and has been a coveted investor known for beating the S&P 500 for 15 consecutive years. Miller is a well-known household name in mutual fund investing after his 35-years of glorious years at Leg Mason.

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