Legendary investor and founder of Miller Value Partners, Bill Miller, told CNBC’s “Closing Bell” that he had moved 90% of its bitcoin holdings to a separate fund while his main fund would retain only 10% of its Bitcoin (BTC/USD) and Bitcoin Cash (BCH/USD).
According to Miller, they began buying Bitcoin around 2014 when the price was just $350 – a fraction of what it is today. Miller told CNBC that moving the holdings to a separate fund would allow investors to decide whether they would want to continue to hold or sell.
Cryptocurrencies have been in the news for a while now because of their high volatility and mainstream adoption. Ripple (XRP/USD), an altcoin, after gaining 35,000% last year dropped 10% on Tuesday. Millermentioned that he believes that Ripple’s run was “way overdone” considering its explosive movement toward the end of December.
According to recent reports, Ripple just announced a partnership with MoneyGram in order to pilot the use of Ripple’s native currency to move funds in a “faster and cheaper way.” As with any company partnering with or utilizing blockchain technology, shares of MoneyGram International jumped over 10% after the announcement.
On the end of the cryptomarkets, Ripple jumped in price 15% following the announcement, after getting hammered during the recent news coming from Korea regarding exchanges and regulation.
On the prospect of new cryptocurrencies, Miller mentioned that “there’s probably something out there that makes sense but it takes a lot of digging to find it.”