Famous Wall Street investor Bill Miller has a bullish 30 percent of his fund’s assets in Bitcoin according to a recent report from the Wall Street Journal, based on a letter to investors. The letter made it clear that Miller’s fund put 30 percent into Bitcoin back in early 2016 when Bitcoin prices were a fraction of the current level.
Miller’s fund is up for the year more than 70 percent, far outperforming even the most publicly known hedge funds like Dan Loeb’s Third Point LLC, which has only posted 14 percent gains on the year.
Miller had already indicated that one percent of his personal net worth was invested into Bitcoin early in 2016 as well, causing a stir among Wall Street professionals like Dimon, Fink, and Buffet who have rejected Bitcoin as a bubble or fraud. Miller, however, remains undeterred, being widely known as an excellent judge of value. While not strictly bullish on Bitcoin, Miller sees it as an opportunity, saying:
“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.”