Billionaire Bill Miller Has ‘Very Big’ Bitcoin Position — Calls BTC ‘Insurance Against Financial Catastrophe’

Veteran capitalist and money manager Bill Miller says helium has “a precise large position” successful bitcoin and expects to spot a batch of organization adoption this year, peculiarly among endowments and foundations. “Bitcoin is security against fiscal catastrophe,” helium opined.

Bill Miller Says ‘Bitcoin Is Insurance Against Financial Catastrophe’

Famed worth capitalist Bill Miller talked astir bitcoin successful an interrogation with CNBC Wednesday. He is the laminitis of Miller Value Partners and presently serves arsenic its president and main concern officer. He manages the firm’s Opportunity Equity and Income Strategy funds. Prior to Miller Value Partners, helium co-founded Legg Mason Capital Management.

Referring to bitcoin, Miller described, “It’s similar an security policy.” He elaborated: “Insurance policies person nary intrinsic value. In fact, you privation them to person nary intrinsic value. You don’t privation to person your location burned down oregon get successful a unspeakable mishap but you wage for security each twelvemonth successful lawsuit that happens.” Miller continued:

Bitcoin is security against fiscal catastrophe arsenic we spot successful Lebanon, oregon successful Afghanistan, oregon galore of these different countries wherever we saw astir the clip of the pandemic.

Miller besides clarified what helium said successful January astir bitcoin being fractional of his nett worth, noting that galore media reports misinterpreted what helium said. Miller explained that helium lone enactment a fewer percent of his nett worthy into bitcoin which past grew to go fractional of his full luck arsenic the terms of the cryptocurrency soared. However, helium added that present BTC accounts for little than fractional of his full nett worthy due to the fact that the terms has fallen since its precocious successful November.

“I enactment a fewer percent of my nett worthy successful it a agelong clip agone and it grew to beryllium fractional of my nett worth. Now it’s little than that due to the fact that it’s down fractional since November. But it’s inactive a precise large position,” helium said.

Commenting connected KPMG Canada buying bitcoin and ether for its firm treasury, Miller said helium sees the determination arsenic bullish for the crypto sector. The billionaire money manager opined:

I deliberation you’re going to spot a batch of adoption among foundations and endowments and institutions this year, and that’s going to continue.

The seasoned capitalist has agelong been pro-bitcoin. In September past year, his hedge money institution told the U.S. Securities and Exchange Commission (SEC) successful a filing that bitcoin has “significant upside potential” arsenic digital gold.

When the terms of bitcoin fell successful May past year, helium was unfazed by the falling price, emphasizing that bitcoin terms corrections are beauteous common.

What bash you deliberation astir Bill Miller’s comments? Let america cognize successful the comments conception below.

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