Bill Miller allocates 50% of portfolio towards Bitcoin In his WealthTrack interview last Friday, Bill Miller shared his thoughts on Bitcoin. At the end of the interview, the long time value investor states that Bitcoin provides a “service of insurance against financial catastrophe that no one else can provide.” He then stated that he has allocated 50% of his investment portfolio into Bitcoin and other Bitcoin related assets, like MicroStrategy. He claims to now be a Bitcoin bull instead of just an observer. Even with the current fear in the market over Bitcoin, he is still bullish in the long-term. Store of wealth Many who buy Bitcoin view it as…
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Bitcoin trust manager Grayscale reaches $40B in assets
The cryptocurrency fund manager saw rapid growth in the value of the assets it holds as institutional demand for shares erupted
The firm said it now oversees $40 billion worth of assets. The vast majority of that is in the $33.1 billion Grayscale Bitcoin Trust and $5.7 billion Grayscale Ethereum Trust. The remaining $1.2 billion is in six alt-coin trusts and the multi-asset Grayscale Digital Large cap Fund.
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Hedge fund star Bill Miller putting up to $330M in BTC
The $2.25B Miller Opportunity Trust has become the latest big-name Wall Street fund to invest in bitcoin, announcing it will put up to 15% of its worth into the Grayscale Bitcoin Trust
With this action, Miller just put even more money into an asset that he has recommended for many years. According to a March 2014 Bloomberg report, he has owned Bitcoin as part of his personal investments for nearly seven years, linkening it to “making a venture bet.”
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CCB International Securities dumps gold for bitcoin
Mark Jolley said that the Hong-Kong-based asset management firm sold one-third of its gold for bitcoin, despite being owned by China Construction Bank, a giant in bitcoin-banning China
Jolley suggested that a bitcoin allocation belongs in all portfolios, after suggesting that the United States dollar will see significant inflation next year. “We normally have a 15% allocation [...] to gold, bitcoin will come in and replace some of that gold allocation. I’ve set it at 5%," he said.
