Billionaire Bill Miller Refers To Bitcoin As “Insurance” Against Financial Disaster.

Bill Miller, the wealthy founder and Chief Investment Officer of Miller Value Partners, has stated that Bitcoin (BTC) is a “insurance policy against financial catastrophe.”

On a May 24 episode of the “Richer, Wiser, Happier” podcast, Bill Miller defended cryptocurrencies as a way for people caught up in violence to still access financial products. He referenced the breakdown of Afghanistan’s financial system following the US pullout in August 2021 as an example.

“When the US pulled out of Afghanistan, Western Union stopped sending remittances there or taking them from Afghanistan, but if you had Bitcoin, you were fine. Your Bitcoin is there. You can send it to anybody in the world if you have a phone.”

Bill Miller stated that instances of how cryptocurrency can work as insurance do not “have to be all or nothing,” citing Bitcoin’s performance during the early stages of the pandemic and the Federal Reserve’s reaction to it.

“When the Fed stepped in and started gunning the money supply and bailing out, in essence, the mortgage rates […] Bitcoin functioned fine. There was no run on Bitcoin. The system functioned without the Fed and without any interference. Everybody got their Bitcoin, the price adjusted, and then when the Bitcoiners realized, ‘Wait, we’re going to have inflation down the road,’ Bitcoin went through the roof.”

“It’s an insurance policy, the way I look at it,” he added.

Bill Miller also slammed Warren Buffett‘s recent critique of Bitcoin, saying that “it doesn’t produce anything” and that he “wouldn’t take” all of the world’s Bitcoin for even $25.

He later elaborated, saying, “the objective of investing is not to own productive assets; the goal is to make money.”

Miller is well-known for managing a portfolio that outperformed the S&P 500 index for 15 years in a row, from 1991 to 2005. He’s also known for his support of Bitcoin, having invested half of his personal worth in the currency in January.

When questioned if he still had that investment, Miller stated that “40% to 50%” of his money was in Amazon stock and his Bitcoin holdings were “about the same as Amazon,” adding that the two assets account for 80% of his net worth.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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