Bill Miller’s 35-year run at Legg Mason was remarkable. Remarkably consistent. And remarkably boring. So when he retired in 2016 at the perfectly boring age of 66, he decided he wanted some spice in his life. And like his bond-trading peers Bill Gross and Jeff Gundlach, Bill Miller has a specific idea of what “spice in life” looks like. Unfortunately, for Bill Miller, it looked like launching a hedge fund.
Boring as that particular retirement hobby seems, however, it has sent Miller on the improbable path to cryptocurrent riches. And freed from the boring mutual fund requirement not to put all of your clients’ money on black, he’s making the most of it.
"It's just about 50 percent right now," Miller said regarding his MVP 1 fund on the WealthTrack podcast with Consuelo Mack released last week….
In late October, The Wall Street Journal reported that Miller's fund had nearly a third in bitcoin and about $154 million in assets under management. At the time, the digital currency was trading near $6,000. Bitcoin has since more than tripled to above $19,000 as investor interest has grown.
Miller says bitcoin “won’t be 50% of the fund for that much longer.” But he might not be able to do much about it, according to this guy.
Ronnie Moas, who accurately predicted the surge in Bitcoin in June, says the rocket ride the cybercurrency has seen this year is just the beginning—and that the end-game on Bitcoin is the $300,000-$400,000 range….
“I don’t know how much gold there is in the ground, but I know how much bitcoin there is, and in two years there will be 300 million people in the world trying to get their hands on a few million bitcoin,” he told CNBC’s The Rundown. “This mind-boggling supply and demand imbalance is what is going to drive the price higher.”