Billionaire Bill Miller calls Bitcoin ‘insurance’ against financial catastrophe

Bill Miller, the billionaire founder of Miller Value Partners and Chief Investment Officer, said that Bitcoin (BTC), is an “insurance policy against financial disaster.”

Miller supported cryptocurrency in support of those who are caught up in conflict and still have access to financial products. Miller appeared on the May 24 episode of “Richer Wiser Happier”. Miller used as an example the fall of Afghanistan’s financial infrastructure after the US withdrawal in Aug 2021.

“When the US pulled out Afghanistan, Western Union stopped sending or receiving remittances to Afghanistan. But, if you had Bitcoin, everything was fine. Your Bitcoin is available. If you have a smartphone, you can send it anywhere in the world.

Miller stated that examples of how crypto can be used as insurance are not “all or nothing”. He also noted the performance of Bitcoin during the initial stages of the pandemic, and the Federal Reserve’s response to it.

“The mortgage rates […] bitcoin functioned perfectly when the Fed intervened and began to bail out and gunned down the money supply. Bitcoin was not subject to ransom. The system worked without the Fed or any interference. Everyone got their Bitcoin and the price was adjusted. Then, when Bitcoiners realized that there would be inflation, Bitcoin rose to the top.

He said, “It’s an Insurance Policy, the way that I see it.”

Miller also refuted Warren Buffett’s recent criticisms of Bitcoin. The billionaire investor once said that it “doesn’t produce anything” but “wouldn’t accept” all Bitcoin in the world for $25.

He said that Bitcoin was a non-productive asset, and therefore cannot value it. That’s fair enough. It’s fair enough. So ignore it.”

Later, he added that the objective of investing was not to have productive assets. It is to make money.

Related: Scott Minerd claims that Bitcoin’s price will fall to $8K but technical analysis suggests otherwise

Miller is well-known for his portfolio that beat the returns of S&P 500 index for 15 consecutive years, from 1991 to 2005. Miller is also well-known for his support of Bitcoin. He invested half of his net wealth in the asset in January.

Miller answered a question about whether he still owned that position. He said that around 40% to 50% of his money was in Amazon stock, and that his Bitcoin holdings were “about equal as Amazon”. He also stated that 80% of Miller’s net worth is split among the two assets.

Miller also spoke about the Luna-based tattoo that Mike Novogratz got on his arm after the fall of Terra’s ecosystem collapse.

“Someone had sent me a photo of Mike Novogratz, where he had a Luna tattoo on one of his arms months ago. It shows a wolf howling at a moon. It’s almost like you should have a Bitcoin tattoo on your arm. It would be more durable than the one that was there.

Novogratz stated that the tattoo would be a constant reminder that venture investing requires humility, as Galaxy Digital suffered a $300 million loss in its Luna investments.

Miller stated, “I felt sorry for him when he saw some story about him going from something like $10billion to $2billion.”

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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