The hedge fund of famous investor Bill Miller saw 46% growth in the first half of 2019, reportedly in some part from investing in Bitcoin (BTC).
Citing an investor document, Bloomberg reports on July 26 that Miller achieved such outstanding results by investing in Bitcoin among other high-performing stocks. Alongside Bitcoin, other investments in the Miller’s fund reportedly include Amazon, security system firm ADT, as well as Avon Products.
The 69 year-old investor reportedly found success by following a similar investment strategy as he used during his three-decade run at Legg Mason, which envisions investing in securities that trade at a large discount to their intrinsic value.
According to Bloomberg, Miller’s fund has $126 million in assets, while Miller totally oversees $2.3 billion at his Baltimore-based firm. Additionally, the fund’s monthly performance has seen some volatility, having surged about 39% in June after dropping 29% the month before.
Miller likes Bitcoin because it does not correlate to traditional markets
Earlier this year, Miller claimed that Bitcoin can potentially have a high value or be worth nothing, considering the biggest cryptocurrency a curious technological experiment. At the time, Miller said that he is not a Bitcoin believer, but rather an observer, adding that he included crypto in his portfolio because there is no obvious correlation between crypto markets and the stock market.
Yesterday, Galaxy Digital CEO Mike Novogratz predicted that institutional interest would push the Bitcoin price back to its all-time highs of $20,000 before the end of 2019.