Legendary investor and fund manager Bill Miller said in a recent interview that he started buying bitcoin since the cryptocurrency cost between $200 and $300. He also made a sizable bet on Coinbase shares in the second quarter of 2021.
According to documents sent to the US securities regulator, the SEC, Miller Value Partners, the company led by the billionaire, acquired 122,185 shares of Coinbase, at a cost of approximately 30 million dollars, between April and June.
The shares of the main US cryptoactive brokerage, however, have accumulated a 24% drop since the company’s IPO, carried out in April.
In addition to Coinbase, Bill Miller made an even bigger bet, at $130 million, on Splunk. The software company is one of the fund’s biggest positions, second only to giants like Amazon and Alibaba.
Bill Miller became famous on Wall Street for being responsible for the fund “Legg Mason Value Trust”, which has outperformed the S&P 500 index for more than 10 consecutive years. He had already shown his interest in the cryptoactive market, and more specifically in bitcoin, on other occasions.
According to Business Insider, Miller said the average price of his bitcoins is about $500, 90 times less than the current price of the $45,000 cryptocurrency, which started buying the digital asset when it cost between $200 and 300 dollars. This means that investors have been betting on cryptocurrency since at least 2015, the last time bitcoin fell into this price range.
Miller lost about 90% of his equity in the 2008 financial crisis, but as he claimed in April, his bets on Amazon and bitcoin were able to maintain his billionaire status.