Investor Bill Miller said last week that his hedge fund MVP1 contains half of his investment in bitcoin. Miller, chairman and chief investment officer at Miller Valued Partners, spoke about this in the WealthTrack podcast with Consuelo Mac.
"Now about 50 percent," said the legendary hedge fund manager, who added that the fund is also investing in Bitcoin Cash. Miller's participation in Bitcoin began a few years ago, when he bought stakes in 2013 and 2014 at the declared average price of $ 350 per coin.
In October this year, according to the report of The Wall Street Journal, bitcoin, accounted for one-third of Miller's hedge fund assets. According to the latest statement, the hedge fund has only increased the amount of assets in the crypto currency since then.According to Miller, it all started with the fact that only 5% of the fund was allocated to bitcoin.
As of October, the value of the MVP1 fund was estimated at $ 154 million, and Miller Value Partners reported more than $ 2 billion in assets under management in September.
In the podcast Miller spoke about those who criticized the crypto currency. Miller was also targeted by billionaire investor Warren Buffett, who, from the point of view of the fund's head, has taken a "wrong position" since 2014. Miller also criticized the general manager of JPMorgan Chase, Jamie Dimon, who earlier this year called bitcoin "fraud" .
According to Miller, none of them fully understand what is really going on:
I'm sure none of them studied it carefully. That is, they have a strong opinion about what they did not really study.
Comments of the head of the fund began to arrive after a significant increase in the price of bitcoin, which at the time of printing is traded at $ 18'995, according to the data of coinmarketcap.
Miller also expressed that his firm is looking for ways to reduce the amount of crypto currency that it holds without selling it.
Miller, said:
"I would be sure that it will not become a 50% fund in such a short time, but that does not mean that we are going to sell the crypto currency. We are working on how to cope with the situation."