Legendary investor Bill Miller has set up his flagship fund to buy into Grayscale Bitcoin Trust

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Bill Miller
Bill Miller.

Famous investor and noted bitcoin bull, Bill Miller, is currently permitting his flagship fund to buy into bitcoin via the Grayscale Bitcoin Trust.
Miller’s $2.7 billion finance, the Miller Opportunity Trust, is in the upper 2 percent of all funds in terms of performance within the last five years.
Grayscale Bitcoin Trust has been outperform as cryptocurrencies resume their surge.
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Famous investor and noted Bitcoin bull Bill Miller endorsed cryptocurrencies once back on Monday. SEC filings showed Miller setup his flagship fund, the Miller Opportunity Trust, to put money into Grayscale Bitcoin Trust to gain exposure to the cyrptocurrency market.

“The Fund may seek investment exposure to bitcoin indirectly by investing in the Grayscale Bitcoin Trust, an entity that holds bitcoin,” management composed within an SEC filing.

Miller has been among the top-performing hedge fund managers around the planet, outperforming the market for millions of 15 straight years.

His $2.7 billion Miller Opportunity Trust has a five-year return that puts it among the top 2 percent of all funds, according to data from Bloomberg.

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A move into bitcoin may help Miller’s winning streak continue. However, the trust will have some limitations on exposure to crypto markets.

“The Grayscale Bitcoin Trust invests principally in bitcoin. The Fund will not make any additional investments in the Grayscale Bitcoin Trust if, as a result of the investment, its aggregate investment in bitcoin exposure would be more than 15% of its assets at the time of investment,” SEC filings reveal.

Miller’s movement to target the Grayscale Bitcoin Trust to get crypto exposure comes as Grayscale continues to outperform. The trust continues to be a fantastic investment for most retail and institutional buyers, returning 229.11% over the last 12 weeks and 119% during the last few months.

And it appears that the outperformance is set to keep after Bitcoin pushed to all time highs of $44,000 on Monday, buoyed by Tesla’s $1.5 billion investment in the electronic asset and information the EV giant may accept obligations in the bitcoin in the future.

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The transfer into bitcoin is in line with Bill Miller’s place on cryptocurrencies over recent years. Miller was a Bitcoin bull for some time. He once even sparred using Warren Buffett on the cryptocurrency after Buffett predicted it”rat poison.”

“Warren Buffett famously called Bitcoin’rat poison,’” Miller said. “He may well be right. Bitcoin could be rat poison, and the rat could be cash.” Miller added Bitcoin is”best thought of as digital gold.”

So far, Miller’s forecasts for electronic currencies have been right. Back in November of 2020 he said,”the current relative trickle into Bitcoin” is set to”become a torrent” if more firms swap cash for crypto. His remarks came months before Tesla announced Monday in SEC filings that it has spent $1.5 billion and will soon accept the token as payment, even sending bitcoin to new highs above $43,000. 

Read the original article on Business Insider

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