- REUTERS/Rick Wilking
The legendary investor Bill Miller is apparently bullish when it comes to cryptocurrencies.
Miller told Forbes he invested 1% of his net worth into bitcoin in 2014, determining that the potential gains from a cryptocurrency boom outweighed the risk of a complete loss.
Forbes reporter Antoine Gara writes that the investment has grown tenfold and that bitcoin is one of the top holdings of Miller’s hedge fund.
In 2014, bitcoin traded between $183 and $914. Currently, it’s trading at $2,340, up nearly 1,200% from its 2014 low.
While Miller’s net worth is unknown, his fund LMM had about $2 billion in assets as of February, according to CNBC.
Last year, Miller split from Legg Mason after 35 years with the firm. In February, Miller completed a buyout of LMM, an investment adviser jointly owned by Miller and Legg Mason, which he now runs through his family-owned Miller Value Partners firm.
Miller is well-known for his streak of beating the S&P 500 for 15 straight years – 1991 to 2005 – while running the Legg Mason Value Trust. He was appointed chairman and chief investment officer of Legg Mason Capital Management in 2007.