Bill Miller and His Appetite for Bitcoin
The hedge fund legend, Bill Miller submitted the filling on friday to the United States Securities and Exchange Commission. The investment is coincidental as the GBTC is at its lowest level since April 2019.
The Miller Opportunity Trust headed by Bill Miller is a $2.25 Billion fund. The addition of the GTBC shares will cause a shift from the usual investments in equities and derivatives invested in by the firm.
Part of its usual investment are, airlines, healthcare and financials.
What does this means for Bill Miller and his Fund?
The fund’s Bitcoin acceptance is restricted to 15% of its total assets under management. The GBTC outlay could top $300 million. Part of the filling revealed that, the trust remarked on BTC’s price instability. They expressed that, there is generally little utilization of Bitcoin in the retail and business commercial center in contrast with the moderately huge utilization of Bitcoin by investors.
Bill Miller is himself a prominent Bitcoin advocate. Back in 2016, the incredible Wall Street financial backer invested 30% of his hedge fund into Bitcoin.
Backing his action Miller explained that;
“I believe there is still a nontrivial chance Bitcoin goes to zero, but each day it does not, that chance declines as more venture capital flows into the Bitcoin ecosystem and more people become familiar with Bitcoin and buy it.”
This extent has since expanded to more than half with the BTC price play adding to gigantic development in the estimation of Miller’s hedge fund.