While Jamie Dimon, Warren Buffett, Ray Dalio and Larry Fink have all revealed themselves to be skeptics of bitcoin, accusing it of being a bubble, at best, and a fraud, at worst, one longtime investor who made his name scooping up “value” stocks in the 1990s has quietly posted astonishing returns betting on the digital currency, predating a wave of more than 100 asset-management shops that have sprung up to manage portfolios of cryptocurrencies.
In an investor letter obtained by WSJ investing columnist Jason Zweig, Miller revealed that he had allocated 30% of his MVP1 hedge fund to bitcoin back in early 2016, when one coin was trading at $350. This year alone, his fund has soared 72.5%. Relative to the overall performance of bitcoin, which has quintupled in value this year. bitcoin has quintupled in value), but it certainly beats the performance of celebrated equity funds like Dan Loeb’s Third Point LLC, which has marginally outperformed the S&P 500’s 14%+ year-to-date return.