Bill Miller Hedge Fund to Buy $400 Million in Bitcoin, Filed with SEC

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Grayscale reached the milestone of $30 billion in net cryptocurrency assets under management — $24 billion of it were in Bitcoin. Furthermore, the company provides eight more cryptocurrency investment tokens.

Bill Miller supported Bitcoin since day one

Miller was one of Bitcoin’s early supporters. The popular investor said in 2014 that he bought the currency as a personal investment. In 2017, CNBC reported that Miller has 30% of his MVP 1 fund in Bitcoin.

The Friday filing says that the price volatility is due to lack of usage of Bitcoin: “there is a relatively small use of Bitcoin in the retail and commercial marketplace in comparison to the relatively large use of Bitcoin by speculators,” Stated the Friday SEC filing.

Meanwhile, Bitcoin had blasted above the $43,000 on Monday — the cryptocurrency’s highest record to date. The price surge followed news that Tesla bought $1.5 billion worth of the cryptocurrency. Furthermore, the digital token’s market capitalization surpassed that of Facebook (NASDAQ: FB) and Tesla (NASDAQ: TSLA) following the price surge.