Legendary hedge fund investor Bill Miller, 68-years-old, has seen a lot in the financial markets through the times and now with a new wave of technology sweeping a number of sectors, Miller is backing Bitcoin.
Miller’s firm has reportedly put half its assets in the digital currency from its tentative start a few years ago.
Miller is keenly interested in how the technology can disrupt and likens it to a number of big changes in the modern era.
Disruptive innovation
“What I observed with Bitcoin is it opens a new window. That it’s following a very time-honored path of disruptive innovation going all the way back to the printing press, railroad, electricity, radio in the 1920s, biotech, the Internet,” Miller said during an interview with FOX Business.
Miller is putting his money where his mouth is and has been a big supporter of Bitcoin for some time. However, the investor is getting more and more invested.
The CEO at Miller Valued Partners said his firm’s MVP1 hedge fund initially invested a five percent position in Bitcoin before expanding the investment.
Wall Street bubble fears
As a well respected and experienced Wall Street trader, Miller’s opinion on Bitcoin is interesting and important. He is clearly seeing the potential in the technology, not just getting caught up in the hype that many have fallen into.
A lot of people on Wall Street are also quite anti Bitcoin because of its potential to disrupt, calling it a bubble waiting to pop. However, Miller’s assessment of this viewpoint is optimistic.
“Bubbles are necessary to bring capital into the market to see if these innovations are actually going to stand,” he said.
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