Hedge fund legend Bill Miller has shown an even greater appetite for Bitcoin (BTC). The Miller Opportunity Trust is seeking indirect exposure to BTC through the Grayscale Bitcoin Trust, according to filing filed with the US Securities and Exchange Commission on Friday.

The planned investment comes at a time when the GBTC premium is at its lowest level since April 2019.

If GBTC shares were acquired, there would be a significant deviation from conventional equity and derivative investments for the fund of $ 2.25 billion. In fact, the Trust website lists airlines, healthcare and finance as the best investment targets.

Since the fund’s access to bitcoin is limited to 15% of assets under management, GBTC’s costs may exceed $ 300 million. As part of the deposit, the Trust commented on price volatility, saying: “Bitcoin is used relatively little in the retail and commercial markets compared to the relatively large use of bitcoin by speculators.”

Miller himself is a popular Bitcoin spokesman. In 2016, the legendary Wall Street investor invested 30% of his hedge fund in Bitcoin. This ratio has since increased to over 50%, with BTC providing the explosive growth in the value of Miller’s hedge fund.

Back in January, Miller responded to Warren Buffett’s infamous “rat poison” by adding that the criticism in this case was rat. The comments reflect the sentiment of Dan Moorhead, CEO of Pantera Capital, in 2018, who said that something like bitcoin is rat poison because banks are rats.

Bitcoin recently rose to $ 40,000 over the weekend – the highest price in almost a month. However, moving above $ 40,000 was met with a rapid fall below $ 38,000, with a market value of the largest cryptocurrency falling almost 2% over the last 24 trading sessions.

Source: CoinTelegraph

LEAVE A REPLY