Bill Miller's hedge fund is 30% Bitcoin

Bill Miller's hedge fund now has about 30% of its assets in Bitcoin comparing to 5% last year
31 October 2017   1367

A hedge fund run by Bill Miller now has about 30% of its assets in Bitcoin, comparing to 5% last year, according to the wsj.com interview with the legendary investor.

Thus, as the interview details, the fund (MVP 1) bought its Bitcoin for an average $350 each. With Bitcoin trading around $6,100 Monday, that means the fund's digital currency investments have soared more than 1,600%.

As Miller claims, he isn't buying more Bitcoin for the fund at current prices, but he would be willing to "put 1% of my liquid net worth in it here" if he didn't already own Bitcoin in his personal account.

Bitcoin charts on coinmarketcap.com
Bitcoin charts on coinmarketcap.com

Meanwhile, Bitcoin is at the best of times with its price over around $6,150 and a marker cap of $102,438,163,350.

US Authorities to Pop BTC Buble, - Giancarlo

According to the former head of the U.S. Commodity Futures Trading Commission, the launch of the Bitcoin futures at CME popped the BTC price bubble
23 October 2019   31

Former head of the CFTC, Christopher Giancarlo made a sensational admission, saying that the launch of the Bitcoin futures on the Chicago Mercantile Exchange (CME Group) was a deliberate action by the Donald Trump administration, designed to burst the cryptocurrency market that had formed by then.

One of the untold stories of the past few years is that the CFTC, the Treasury, the SEC and the [National Economic Council] director at the time, Gary Cohn, believed that the launch of bitcoin futures would have the impact of popping the bitcoin bubble. And it worked.
 

Christopher Giancarlo

Ex-head, CFTC

Chicago Mercantile Exchange (CME) Bitcoin Futures was launched on December 18, 2017. The day before, the price of bitcoin reached its historical maximum in the region of $ 20,000, but over the next months it went down sharply.

On Monday, Giancarlo also spoke at the Pantera Summit in San Francisco, where he stated that the rapid rise in bitcoin prices observed at the end of 2017 marked the formation of the first major bubble after the 2008 financial crisis.

We saw a bubble building and we thought the best way to address it was to allow the market to interact with it.
 

Christopher Giancarlo

Ex-head, CFTC

Giancarlo also believes that the Bitcoin bubble cannot be considered in isolation from the 2008 financial crisis.

Coming out of the 2008 financial crisis, the legit criticism of regulators was along the lines of: Where were they during the expansion of the real estate mortgage bubble, and why didn’t they take steps to pop that bubble when they could have?
 

Christopher Giancarlo

Ex-head, CFTC

According to him, the lessons of history forced regulators to act quickly,

I believe it shows the power of markets to bring discipline to pricess.
 

Christopher Giancarlo

Ex-head, CFTC

Christopher Giancarlo resigned as CFTC chairman in April this year. Earlier this week, current department head Heath Tarbert said that regulated futures for Ethereum will also appear within six months or a year. He also does not rule out the launch of derivatives on other cryptocurrencies.