Legendary investor Bill Miller is apparently bullish when it comes to cryptocurrencies.
Miller revealed to Forbes that he invested 1% of his net worth into bitcoin in 2014, determining that the potential gains to be made 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’s traded in a range between $US183 and $US914. Currently it’s trading at $US2,340, up nearly 1,200% from its 2014 low.
While Miller’s net worth is unknown, his fund, LLM had about $US2 billion in assets as of February, according to CNBC.
Last year, Miller split from Legg Mason after 35 years with the firm. This past February, Miller completed a buyout of LLM, 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 Index for 15 straight years — 1991 to 2005 — while running the Legg Mason Value Trust and was appointed chairman of the firm and chief investment officer in 2007.
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