Legendary investor known for his pro-crypto rhetoric Bill Miller, bitcoinHe said that ‘ is insurance against financial disaster and still has a very important position.
In a recent interview with CNBC, Miller praised Bitcoin and stated that even though it was trading 36% below the record level, Bitcoin still maintains its strong position.
The famous investor, who considers the addition of Bitcoin and Ethereum to KPMG Canada’s balance sheet as a major bullish move, said, “I think you will see a lot of crypto buying among foundations, endowments and institutions this year and this will continue.” said.
Miller, Chairman and Chief Investment Officer of Value Partners, continued:
Insurance policies have no intrinsic value. You actually want it to have no intrinsic value. You don’t want your house to burn down or suffer a terrible accident, but if that happens, you’ll have to pay for the insurance each year.
In Bitcoin, it’s insurance against financial disaster, just as we’ve seen in Lebanon or Afghanistan or most of the other countries we’ve seen at the time of the pandemic.
Miller also said that his promises in an interview in January were misunderstood as investing half of his personal wealth in Bitcoin and other cryptocurrencies. He explained that he only invested a few percent of his net worth in Bitcoin, but then as the price rose, his BTC investment became half of his total wealth.