Bitcoin Records New All-Time Peak of About $44K as Bill Miller Eyes Investment in GBTC February 8, 2021 February 8, 2021 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsFebruary 8, 2021 by Kelly Cromley

Bitcoin Records New All-Time Peak of About $44K as Bill Miller Eyes Investment in GBTC

Bill Miller, one of the renowned hedge funds, is demonstrating a greater interest for Bitcoin (BTC). As per a filing made last Friday with the US SEC (Securities and Exchange Commission), the Miller Opportunity Trust looks for an opportunity to invest in Bitcoin (BTC) in an indirect manner, via the Grayscale Bitcoin Trust.

The intended investment has come at a time when the GBTC premium is near the lowest level since April 2019.

If the GBTC shares purchase happens as intended, it will be regarded as a landmark shift from the traditional investments in equity and derivative markets for the hedge fund, which manages funds worth $2.25 billion.

The trust’s official webpage still states that its focus will be on healthcare, airlines and financials. With the fund’s Bitcoin exposure restricted to 15% of assets under administration, the GBTC capital outlay could surpass $300 million.

While carrying out the filing process, the trust gave their opinion on price volatility in cryptocurrency market:

“There is relatively small use of Bitcoin in the retail and commercial marketplace in comparison to the relatively large use of Bitcoin by speculators.”

Miller is a well-known Bitcoin (BTC) advocate. Five years back, the renowned Wall Street investor set aside 30% of money managed by his hedge fund for investment in Bitcoin. The ratio has since then appreciated to more than 50% with the Bitcoin investments leading exponential growth in the aggregate value of the fund.

Earlier in January, Miller spoke against Warren Buffett’s now infamous “rat poison” talk, by stating that cash was indeed the rat in that statement. The comments echoed that of CEO Pantera Capital, Dan Morehead, who stated three years back that banks are the actual rats.

Just a day before, Bitcoin rallied to $40,000, just about $2,000 below the record high level reached last month. Nevertheless, the rally to $40,000 was followed by sharp retracement to about $38,000. However, it has since then bounced back to record new historical high of $43,878, reflecting a gain of 11.5% in the last 24 hours.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.