The investment fund of the famous American capitalist Bill Miller has focused its attention on Bitcoin. According to documents provided to the US Securities and Exchange Commission (SEC), the trust of investor and fund manager Bill Miller Miller Opportunity Trust “may target investments in Bitcoin indirectly by investing in the Grayscale Bitcoin Trust.”
Whatever it was, the giant in any case plans to contact cryptocurrencies and thus make them more popular. We tell you about the situation in more detail.
The main news of this year was the investment in Bitcoin by Tesla, which invested $ 1.5 billion in BTC. In addition, representatives of the manufacturer said that they plan to sell their cars for the first cryptocurrency in the future. This news not only caused a serious increase in the exchange rates of coins, but also dispelled all doubts about the future of the blockchain industry.
Now it is obvious that Bitcoin will no longer be an experiment for companies with millions of dollars of free funds. Thanks to the experience of Tesla, MicroStrategy and other organizations, investing in cryptocurrency will become a welcome event for companies with any amount of money. This will stimulate the demand for the asset and make it even more popular.
The Bill Miller Fund will also be among the cryptocurrency investors.
Who buys Bitcoin
Representatives of the company announced that the management will convert up to 15 percent of its assets into the Grayscale Bitcoin Trust. For clarity, it is worth clarifying that Miller Opportunity Trust manages assets worth $ 2.25 billion. That is, he plans to send more than three hundred million dollars to Bitcoin through Grayscale.
Note that the Grayscale fund allows large companies to invest in cryptocurrencies. At the same time, their management does not have to deal with private keys, seed phrases and other basic concepts of the world of blockchain assets. The creators of the foundation are dealing with the issue of security and other details. Thus, large investors can contact the crypto without any serious risks that can provoke a lack of experience.
This news came two weeks after Miller wrote a letter about the revenue strategy, in which he called Bitcoin “a new technology in a huge affordable market” with “a brilliant, logically consistent protocol with distributed management.” That is, the cryptocurrency came into view in advance.
Why does the trust plan to invest in cryptocurrency through Grayscale? As we have already noted, the trust provides an opportunity for large investors to earn on the price movement of digital assets without their direct purchase. They only buy shares in the trust, the value of which fluctuates depending on the fluctuations of Bitcoin. And not only Bitcoin, because it is also possible to distribute a large amount of capital to Ethereum through Grayscale, Decrypt reports.
We checked the latest data: Grayscale’s cryptocurrency reserves are simply huge. In particular, the amount of bitcoins in the giant’s trust exceeds the level of 649 thousand coins. At today’s exchange rate, they are the equivalent of $ 31 billion.
The volume of ETH ethers is also impressive. Yesterday, the indicator reached 3 million ETH, which is translated into 5.4 billion dollars.
We believe that thanks to Tesla’s investment, Bitcoin and other cryptocurrencies will really be targeted by large companies. They will choose popular coins and insure their own funds, because due to the mass printing of the currency against the background of the coronavirus pandemic, the dollar will certainly continue to depreciate.
At the same time, for some, the investment of funds may not be a desire to earn money, but insurance in case of transition to a new financial system based on cryptocurrencies. As we learned in October 2020, the same MicroStrategy does not plan to get rid of its bitcoins. The company’s management is ready to store BTC “for at least a hundred years”.