Another Wall Street Legend Is in Big With Bitcoin: Bill Miller
Another Wall Street big wig has been revealed to have a significant stake in Bitcoin. This time it’s the infamous stock picker Bill Miller.
The Wall Street Journal reports the fund manager’s stake in the cryptocurrency is 30%. He joins a growing group of Wall Street players who see the value in Bitcoin, and they are putting their money, literally, where their mouths are.
The bullish views about Bitcoin are running afoul of Street legends like JP Morgan’s CEO Jamie Dimon who’ve spoken against the crypto.
In making his point about Bitcoin, Miller said:
“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.”
At the time of writing Sunday, Oct. 29, Bitcoin had blown pass its $6,100 record high, and was just above $6,300.
Why Miller’s play matters
Long-time investors may recall how Miller went from renowned stock picker to put-upon failure for the choices he made as a mutual fund manager through 2008. Some market players shunned him for his portfolio’s losses – estimated to be at least 50%. However, others took into account the wide-ranging effect of the 2008 financial crisis that left no investor untouched.
One of the reasons Miller had gained so much notoriety was due to him seeming to have a keen ability to recognize the best investments. Notes CNBC, Miller became famous for his “record-setting feat of topping the market benchmark for 15 years straight between 1991 and 2005. By contrast, only about 1 in 5 managers surpassed index returns just in 2016.”