In a report filed with the U.S. Securities and Exchange Commission (SEC), the fund managers for the Miller Opportunity Trust, Bill Miller’s hedge fund, state that “bitcoin has important upside potential as a type of digital gold.” The report details that despite its volatility, bitcoin’s “risk-reward is engaging.”
Hedge Fund Manager Sees Bitcoin’s ‘Significant upside Potential’
Miller worth Funds’ semi-annual report for the Miller Opportunity Trust, filed with the U.S. Securities and Exchange Commission (SEC) last week, states:
We believe bitcoin has important upside potential as a type of ‘digital gold.’
The Miller Opportunity Trust hedge fund has $2.72 billion in assets under management (AUM) as of July 31. Its portfolio managers are Bill Miller and Samantha McLemore.
“We are observers of bitcoin for a long time and through the quarter, the fund received approval to invest in Grayscale Bitcoin Trust (GBTC), that is an open-ended trust absolutely invested in bitcoin,” the report details. “In the quarter, as bitcoin fell, the trust listed at one in every of its larger discounts to its underlying holdings in bitcoin providing further upside potential.”
As of June 20, the fund holds 1.5 million shares of Grayscale Bitcoin Trust (GBTC) valued at $44,715,000, the report filed with the SEC shows.
The fund managers added, “With gold’s capitalization bigger than $11 trillion, bitcoin’s current cap near to $600 billion would have a long way to visit catch up,” elaborating:
“We are early in a continued adoption curve and bitcoin is going to be volatile however we predict the risk-reward is attractive.”
Veteran capitalist Bill Miller has long been a bitcoin proponent. In May, once the worth of bitcoin fell from $58K level to below $34K, he said it absolutely was “pretty routine.” Miller said that the correction was “right in line with moves we’ve seen over and over in bitcoin.” In April, he disagreed with some analysts that bitcoin was during a bubble. Instead, the said bitcoin was coming into the thought as demand grew quicker than supply.