An investing legend is making a killing after putting 1% of his net worth in bitcoin
REUTERS/Rick Wilking
Miller revealed to Forbes that he invested 1% of his net worth into bitcoin in 2014, determining that the potential gains to be made from a cryptocurrency boom outweighed the risk of a complete loss.
Forbes reporter Antoine Gara writes that the investment has grown tenfold and that bitcoin is one of the top holdings of Miller's hedge fund.
In 2014, Bitcoin's traded in a range between $183 and $914. Currently it's trading at $2,340, up nearly 1,200% from its 2014 low.
While Miller's net worth is unknown, his fund, LLM had about $2 billion in assets as of February, according to CNBC.
Last year, Miller split from Legg Mason after 35 years with the firm. This past February, Miller completed a buyout of LLM, an investment adviser jointly owned by Miller and Legg Mason, which he now runs through his family-owned Miller Value Partners firm.
Miller is well known for his streak of beating the S&P 500 Index for 15 straight years - 1991 to 2005 - while running the Legg Mason Value Trust and was appointed chairman of the firm and chief investment officer in 2007.
Get the latest Bitcoin price here.
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- Markets rebound in early trade amid global rally, buying in ICICI Bank and Reliance
- Women in Leadership
- Rupee declines 5 paise to 83.43 against US dollar in early trade
- Election Commission issues notification for sixth phase of Lok Sabha polls
- 6 Coffee recipes you should try this summer