Billionaire Bill Miller calls Bitcoin 'insurance' against financial catastrophe

cointelegraph.com:

Bill Miller the billionaire founder and Chief Investment Officer of investment firm Miller Value Partners, has said he considers Bitcoin (BTC) an “insurance policy against financial catastrophe.”

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

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

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

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

He later followed up his comment, adding “the objective of investing is not to own productive assets, the objective is to make money”.

Related: Scott Minerd says Bitcoin price will drop to $8K, but technical analysis says otherwise

Miller is famous for managing a portfolio which for 15 consecutive years between 1991 and 2005 consistently beat the returns of the S&P 500 index. He’s also known for his advocacy of Bitcoin and put half of his net worth into the asset in January.

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

Miller also discussed the Luna-based tattoo on the arm