Billionaire Bill Miller Calls Bitcoin “Insurance” Against Financial Disaster

Bill Miller, the billionaire founder and chief investment officer of investment firm Miller Value Partners, said he considers Bitcoin ( B...

Bill Miller, the billionaire founder and chief investment officer of investment firm Miller Value Partners, said he considers Bitcoin (BTC) a “financial catastrophe insurance policy”.

Appearing in an episode of “Richer, Wiser, Happier” podcast on May 24, Miller supported cryptocurrency as a way for those caught up in conflict to continue accessing financial products. He used the collapse of the financial infrastructure in Afghanistan after the US withdrawal in August 2021 as an example.

“When the United States withdrew from Afghanistan, Western Union stopped sending funds there or withdrawing them from Afghanistan, but if you had Bitcoin, you were fine. Your Bitcoin is there. You can send it to anyone in the world if you have a phone.

Miller said examples of how crypto can work as insurance don’t “have to be all-or-nothing” and noted how Bitcoin performed during the early stages of the pandemic and the The Federal Reserve’s reaction to this.

“When the Fed stepped in and started pulling on the money supply and basically bailing out mortgage rates […] Bitcoin performed well. There was no run on Bitcoin. The system worked without the Fed and without any interference. Everyone got their bitcoin, the price was adjusted, then when the bitcoiners realized, “Wait, we’re going to have inflation down the road”, bitcoin exploded.

“It’s an insurance policy, from my point of view,” he added.

Miller also reprimanded Warren Buffett’s Recent Criticism of Bitcoin where the billionaire investor famously remarked that “it doesn’t produce anything” and that he “wouldn’t take” all the Bitcoin in the world for even $25.

“He said Bitcoin is a non-performing asset so he can’t value it. Fair enough. If the only thing you think you can value is a performer, then no one is forcing you to buy it, right? So just ignore it.”

He later continued his comment by adding “the goal of investing is not to own productive assets, the goal is to make money”.

Related: Scott Minerd Says Bitcoin Price Will Drop to $8,000, But Technical Analysis Says Otherwise

Miller is famous for managing a portfolio that for 15 consecutive years between 1991 and 2005 consistently beat the returns of the S&P 500 Index. He is also known for his advocacy of Bitcoin and put half of their net worth in assets in January.

When asked if he still holds the position, Miller confirmed that about “40% to 50%” of his money is in Amazon stock and his bitcoin holdings are “about the same as Amazon “, adding that 80% of his net worth is split between the two assets.

Miller also discussed Luna’s base Mike Novogratz arm tattoothe founder of crypto asset management company Galaxy Digital after the collapse of the Terra ecosystem:

“Somebody sent me a picture of Mike Novogratz where he had a Luna tattoo on his arm months ago of the wolf howling at the moon, and it’s big. It’s like, oops, can Maybe you should have had a bitcoin on your arm, it would be a bit tougher than that.

Novogratz said the tattoo will be a “constant reminder that investing in venture capital requires humility” as Galaxy Digital posted a $300 million loss on its Luna investments.

“I felt bad for him when I saw a story of him going from something like $10 billion to $2 billion,” Miller said, “I’m like, yeah, that’s really tragic” .

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Newsrust - US Top News: Billionaire Bill Miller Calls Bitcoin “Insurance” Against Financial Disaster
Billionaire Bill Miller Calls Bitcoin “Insurance” Against Financial Disaster
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