Investor Bill Miller has admitted that his MVP1 hedge fund has half of its investments in the cryptocurrency, bitcoin.
The chairman and chief investment officer at Miller Valued Partners, made the disclosure during a recent podcast.
“It’s just about 50 percent right now,” said the legendary hedge fund manager in the interview.
He added that the fund also has bitcoin cash.
Miller’s involvement in bitcoin goes back several years when he purchased stakes in 2013 and 2014 at a claimed average cost of $350 apiece.
In October this year, according to a report, bitcoin was said to have composed a third of Miller’s hedge fund.
That meant that the manager has only increased the stake size since then.
In the beginning said Miller, just 5% of the fund had been apportioned to bitcoin.
As of October, the value of the MVP1 fund was estimated at $154 million.
Miller Value Partners was also reported having more than $2 billion in assets under management as of September.
In the aforementioned interview, Miller targeted those who have bashed bitcoin, including billionaire investor Warren Buffet.
Miller said Buffet was “wrong” about bitcoin three years ago.
He also singled out JPMorgan Chase CEO Jamie Dimon, who infamously declared bitcoin a “fraud” earlier this year.
According to Miller, neither of them had thought the subject through.
“I’m highly confident to say that not one of them had actually studied it carefully,” he said during the podcast.
“That is to say, they have strong opinions about something they haven’t really looked at.”
His comments come after an extended period of rising bitcoin prices, which as of this writing, are trading at around $18,695.
Meanwhile, subtle changes could be in the cards for Miller’s bitcoin-heavy hedge fund.
Miller proposed that his firm is examining ways to lessen the amount of cryptocurrency it has without having to sell any of the holdings.
“I’d be fairly confident to say it won’t be 50% of the fund for that much longer, which does not mean necessarily we are going to sell it,” Miller said, adding:
“We are working on how to handle it without selling it.”
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