The MVP 1 hedge fund ran by Bill Miller, former chairman of the Legg Mason Value Trust mutual fund, has almost a third of its assets in bitcoin. The fund is not buying bitcoins at their current price, but acquired them in the past at an average price of $350. In an interview with the Wall Street Journal, Miller said that bitcoin comprised 5% of the fund's assets in 2016, but grew to 30% as bitcoin's price continued to increase. The investor, who beat the S&P 500 for 15 consecutive years at his former job, also stated that the MVP 1 fund grew by 72% in 2017 so far.

In a letter addressed to investors that Miller sent out last week, he gave his thoughts on the long-term viability of bitcoin: “Bitcoin has a market capitalization greater than 90% of the companies in the S&P 500, but it still might fail. I don’t know and neither does anyone else, no matter how certain they are of their opinion… I believe there is still a nontrivial chance bitcoin goes to zero, but each day it does not, that chance declines as more venture capital flows into the bitcoin ecosystem and more people become familiar with bitcoin and buy it.”