“Legendary” American investor Bill Miller recently stated on the podcast WealthTrack that around half the money from his hedge fund Miller Value Partners (MVP 1), or $1.1 bln, is currently invested in Bitcoin. Miller established the fund in 2016 after a 35-year career at Legg Mason, where he also managed concentrated funds.

During the interview, published Dec. 13, Miller explained that the investment will not permanently be so highly concentrated, but that he recognizes the value of holding Bitcoin:

"It’s just about 50 percent right now…What we're studying is ways in which we can mitigate risk to the overall fund and the portfolio. It won't be 50 percent of the fund for that much longer, which does not mean necessarily that we're going to be selling it."

Miller is a well-known fund manager, investor and philanthropist. He spent 35 years of his career at Legg Mason Capital Management, in which he served as chairman and chief investment officer. He was known for his concentrated bets in the market, but not on the scale of half a fund. After his career at Legg Mason, Miller established his own hedge fund MVP.

According to the Wall Street Journal, the MVP 1 fund had almost a third in Bitcoin and around $154 mln in assets under management as of late October 2017. During that time the number one digital currency was trading at about $6,000.

As of mid-December, however, the price of the cryptocurrency has increased considerably, breaking $20,000 a coin this week.

Miller’s overall firm currently manages $2.2 bln worth of assets total. These assets include separate accounts for mutual funds and high net worth individuals.