A hedge fund run by legendary investor Bill Miller is now half invested in bitcoin.
“It’s just about 50 percent right now,” Miller said regarding his MVP 1 fund on the WealthTrack podcast with Consuelo Mack released last week.
Miller founded Miller Value Partners in 2016 after a 35-year career at Legg Mason, where he managed a fund that beat the S&P 500 for 15 straight years through 2005. He’s known for concentrated bets, but nothing on the scale of half a fund. Miller said on the podcast that in the 1990s, his fund at one point had 20 percent in AOL, close to 20 percent in Dell and 10 percent in Fannie Mae.
Miller said on the podcast that he bought bitcoin in 2014 and 2015 for an average price of $350 each, with some below $200 and some above $500. Forbes reported in July that Miller put 1 percent of his net worth into bitcoin in 2014.
