Billionaire Bill Miller calls Bitcoin 'insurance' against financial catastrophe

Bill Miller the billionaire laminitis and Chief Investment Officer of concern steadfast Miller Value Partners, has said helium considers Bitcoin (BTC) an “insurance argumentation against fiscal catastrophe.”

Appearing connected an occurrence of the “Richer, Wiser, Happier” podcast connected May 24 Miller backed the cryptocurrency arsenic a means for those caught successful struggle to inactive entree fiscal products. He utilized the illness of fiscal infrastructure successful Afghanistan aft the US withdrawal successful August 2021 arsenic an example.

“When the US pulled retired of Afghanistan, Western Union stopped sending remittances determination oregon taking them from Afghanistan, but if you had Bitcoin, you were fine. Your Bitcoin is there. You tin nonstop it to anybody successful the satellite if you person a phone.”

Miller said examples of however the crypto tin relation arsenic security don’t “have to beryllium each oregon nothing” and noted however Bitcoin performed during the aboriginal stages of the pandemic and the Federal Reserve’s absorption to it.

“When the Fed stepped successful and started gunning the wealth proviso and bailing out, successful essence, the owe rates […] Bitcoin functioned fine. There was nary tally connected Bitcoin. The strategy functioned without the Fed and without immoderate interference. Everybody got their Bitcoin, the terms adjusted, and past erstwhile the Bitcoiners realized, ‘Wait, we’re going to person ostentation down the road,’ Bitcoin went done the roof.”

“It’s an security policy, the mode I look astatine it,” helium added.

Miller besides rebuked Warren Buffett’s caller disapproval of Bitcoin wherever the billionaire capitalist famously remarked that “it doesn’t nutrient anything” and helium “wouldn’t take” each the Bitcoin successful the satellite for adjacent $25.

"He's said that Bitcoin is simply a non-productive plus and truthful helium can't worth it. Fair enough. If the lone happening that you deliberation you tin worth are productive assets, past nary one's making you bargain it, right? So disregard it.”

He aboriginal followed up his comment, adding “the nonsubjective of investing is not to ain productive assets, the nonsubjective is to marque money”.

Related: Scott Minerd says Bitcoin terms volition driblet to $8K, but method investigation says otherwise

Miller is celebrated for managing a portfolio which for 15 consecutive years betwixt 1991 and 2005 consistently bushed the returns of the S&P 500 index. He’s besides known for his advocacy of Bitcoin and put fractional of his nett worthy into the plus successful January.

When asked if helium inactive held that presumption Miller confirmed that astir “40% to 50%” of his wealth was successful Amazon banal and his Bitcoin holdings were “about the aforesaid arsenic Amazon”, adding that 80% of his nett worthy is divided betwixt the 2 assets.

Miller besides discussed the Luna-based tattoo connected the limb of Mike Novogratz, the laminitis of crypto plus absorption steadfast Galaxy Digital aft the collapse of the Terra ecosystem:

“Somebody had sent maine a representation of Mike Novogratz wherever helium got a Luna tattoo connected his limb months agone of the wolf howling astatine the moon, and it’s big. It’s like, whoops, possibly you should person got a Bitcoin connected your arm, it’d beryllium a small much enduring than that one.”

Novogratz has said that the tattoo volition beryllium a “constant reminder that task investing requires humility” arsenic Galaxy Digital posted a $300 cardinal nonaccomplishment connected its Luna investments.

“I felt atrocious for him erstwhile I saw immoderate communicative of him going from thing similar $10 cardinal to $2 billion,” Miller said, “I’m like, yeah, that’s truly tragic”.