Bill Miller calls bitcoin insurance against financial disasters

Legendary billionaire investor and founder of Miller Value Partners Bill Miller told CNBC that bitcoin is insurance against financial disasters and said that he still holds a substantial portion of his personal wealth in the leading cryptocurrency.

“Bitcoin is insurance against financial disasters, such as those we’ve seen in Lebanon or Afghanistan, or in many other countries where this was observed during the pandemic,” he said.

According to Miller, the theses about bitcoin’s lack of intrinsic value are mistaken. He compared the digital asset to collectibles such as baseball cards and Picasso paintings.

“This is like an insurance policy. Insurance policies have no intrinsic value. In fact you want them to have no intrinsic value. You don’t want your house to burn down or you don’t want to be in a terrible accident, but you pay for insurance every year in case it happens,” the billionaire said.

The media misinterpreted his remarks during the January WEALTHTRACK interview. It was reported that the billionaire invested half of his personal fortune in bitcoin and other cryptocurrencies.

He explained that he invested in digital assets only a few percent of his wealth, which, as the crypto market grew, turned into half of his personal fortune.

“That amount is smaller now because the price has halved since November. But it’s still a very large position,” Miller added.

In November 2021 the billionaire called bitcoin digital gold and compared his stake in it to buying Amazon stock during the dot-com bubble crash.

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