In the past two months, bitcoin has more than doubled in price, breaking the $ 8k mark. This rapid growth was unexpected for everyone, including fans of the most popular cryptocurrency. At the same time, none of the financiers can quite convincingly explain the reason for the rise, even after the fact.
2017 showed us one of the greatest financial bubbles of our century. For several months, the courses of many cryptocurrencies jumped at times, or even a couple of orders. Bitcoin, the flagship of the market, in January 2017 was considered expensive – it cost about $ 800. Heated by expectations, investors felt differently: by the end of December, bitcoin had risen in price by almost 2500% and stood a step from the $ 20 thousand mark.
Analysts called the figures of $ 50 thousand, $ 100 thousand and $ 1 million per 1 bitcoin as prospects for the near future. Few were surprised because virtual currencies have already taught people that in this market, any fantasy can become a reality within a couple of days.
According to Bloomberg, in the first half of 2019, Miller Value Partners received 46% of the profit. The best players in hedge funds are Amazon [always strong stocks] and ADT, a security company whose stocks look very bearish until March. When the stock market crashed, Miller made money after buying stocks – a textbook strategy that helped his hedge fund make the biggest profit in a bleak market.
As mentioned above, Bitcoin also made a significant contribution to Miller’s success. Insecure, decentralized assets, legendary investor Warren Buffett was polluted as a “square of mouse poison”, turning the investor’s portfolio into nectar.
It grew by more than 170% in the first half of this year, reaching an 18-month high of about $ 13,000. The second largest asset on Miller’s profile is Avon Products Inc., a beauty care company acquired by rival Natura Cosmeticos SA. This prompted his shares to return 155% of profit by June 30.