Legg Mason’s Bill Miller is buying up Bitcoin because of its ‘huge’ potential

Count Bill Miller as a fan of Bitcoin.

The star Legg Mason (NYSE: LM) fund manager has been buying Bitcoin for his personal account, Miller said in a Bloomberg TV interview last week.

“It’s like making a venture bet,” said Miller, who beat the S&P 500 Index for 15 straight years from 1991 to 2006. “You don’t know what’s going to happen, but the potential is huge.”
Miller, who is the co-portfolio manager of Legg Mason Opportunity Trust, has not yet bought Bitcoin for the $2.2 billion mutual fund. But Miller said he would consider adding the virtual currency to Opportunity Trust’s holdings “when Bloomberg can get a quote on it and it can be stored securely.”

Miller’s comments will no doubt cheer other Baltimore fans of Bitcoin. The virtual currency is gaining a growing number of local users. And at least three Baltimore-area businesses accept Bitcoin: Bad Decisions tavern in Fells Point, Fiddlefly, a Columbia software developer, and Entrequest, a management consulting firm in Baltimore.
Meanwhile, Miller’s Opportunity Trust is off to a good start in 2014. The fund is up 5.1 percent through Friday after rising 66 percent in 2013.

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