Bill Miller, a bitcoin fanatic and legendary investor, is once again plugging away at cryptocurrencies and pushing the digital agenda. On Monday, it was also announced that Miller had set up what’s known as the Miller Opportunity Trust with the Securities and Exchange Commission (SEC) to invest in the Grayscale Bitcoin Trust as a means of entering even deeper crypto territory.
Bill Miller Is Working with Grayscale for Indirect BTC Investing
A filing with the SEC for Miller’s enterprise states:
The fund may seek investment exposure to bitcoin indirectly by investing in the Grayscale Bitcoin Trust, an entity that holds bitcoin.
At the time of writing, the Miller Opportunity Trust is one of the best-performing funds in the world, having outperformed the market for several years. Right now, the company manages nearly $3 billion in assets and offers its customers an impressive five-year return, thereby placing it in the top two percent of the world’s funds.
But as it stands, bitcoin has been growing like crazy, and many more clients are seeking ways of entering the digital currency space without experiencing the risk. Bitcoin and digital currencies are undoubtedly strong investment tools, but they still suffer from volatility, price swings and other problems that have prevented them from achieving mainstream status.
Right now, digital assets are not considered payment methods as they were initially intended to be. Rather, they are simply speculative assets and are gaining reputations as valid hedge tools.
Miller is confident that inviting his clients to invest in bitcoin is the right move to make, though working through platforms such as Grayscale is likely to implement certain limitations to ensure customers remain protected. The SEC filing further states:
The Grayscale Bitcoin Trust invests principally in bitcoin. The fund will not make any additional investments in the Grayscale Bitcoin Trust if, due to the investment, its aggregate investment in bitcoin exposure would be more than 15 percent of its assets at the time of investment.
Thus far, Grayscale has more than proven itself to investors, having provided returns exceeding 229 percent over the past year and 119 percent over the last three months alone.
Miller is crazy about bitcoin and believes it’s likely to revolutionize finance in the future. He’s even gone head-to-head with the likes of Warren Buffett, who has often issued some rather negative comments towards the world’s leading digital asset. He says:
Warren Buffett famously called bitcoin ‘rat poison squared.’ He may well be right. Bitcoin could be rat poison, and the rat could be cash.
The Asset Will Become Far More Mainstream
Late last year, Miller commented that bitcoin was “digital gold” and said that companies are likely to view it through a much more positive lens in the coming future. He mentioned:
It’s been very volatile, but I think right now its staying power gets better every day.