According to the Wall Street Journal publication, former legendary Legg Mason fund manager Bill Miller has invested nearly 30% of MVP 1’s funds into Bitcoin, he revealed in a Friday interview.
The initial investment, back in 2014, was purchased for $350 per coin. With current numbers trading around the $6100 dollar range, his firm has seen their investments soar to more than 1600 percent.
The MVP 1 fund has 154 million dollars in assets under management, and is up 72.5% this year. Although Mr. Miller said he would not be buying more Bitcoin, at current market prices, he did say that he would be willing to move 1% of his liquid net worth into Bitcoin.
Despite recent criticism from prominent investors like Warren Buffett, Jamie Dimon, and Howard Marks, Mr. Miller believes that the likelihood of Bitcoin going to zero is low, and each day that Bitcoin doesn’t fall, continues to strengthen its ability to shake off and defy the skeptics. In an interview in June of this year Mr. Miller called Bitcoin a “true disruptor and innovation in money”.
The implications of large investors like Mr. Miller and MVP 1 investments, can only have a positive impact on Bitcoin as a whole. The more we see large capitol investors using Bitcoin as a storage of wealth and an investment opportunity, the more quickly the cryptocurrency will continue to appreciate. Once Bitcoin hits Wall Street, there will be very few chances for any large derailment or correction.