The famous Wall Street founder Bill Miller (currently Miller Value Partner LLC’s boss), is known to own 30 percent of the assets in Bitcoin according to a recent report from the Wall Street Journal, based on a letter to investors. The letter explains that Miller’s funds put 30 percent of its shares into Bitcoin in early 2016 when the Bitcoin price is at its lowest level.
Miller’s shares rose for the year by more than 70 percent, much better than the most commonly known hedge funds like Dan Loeb’s Third Point LLC, which has just posted a 14 percent gain this year.
Miller has indicated that one per cent of his personal fortune was invested in Bitcoin in early 2016, causing a stir in Wall Street professionals such as Dimon, Fink and Buffet. Miller is widely known as an excellent stock appraiser. While not directly expressing his allegiance to Bitcoin, Miller sees it as an opportunity, saying:
“I’m sure there are still trivial opportunities Bitcoin value will go down, but the evidence until now not (down). This happens because venture capital continues to flow into the Bitcoin ecosystem and more people become accustomed to Bitcoin and buy it. “
The Miller Hedge Funds Value in Bitcoin Increases from 5% to 30% within 12 Months
Miller’s letter represents a balanced and impartial prospect for the future of Bitcoin, which describes Bitcoin as “a technological experiment that may or may not be proven to have long-term value.” Miller stated that “Bitcoin has a market capitalization of greater than 90% of firms in S & P 500, but it may still fail. I do not know and no one else knows, no matter how certain they think. ”
In Miller’s letter, he notes that “Murderer ‘Row” from leading investors has predicted an upcoming Bitcoin bubble’ bubble ‘, including Warren Buffett, Jamie Dimon, and Howard Marks. In a 2014 interview with CNBC, Miller dismissed Buffett’s latest criticism of Bitcoin, which states “if [Bitcoin] becomes only 10 percent as popular gold, then it is a market value of 800 billion.”