HomeCoinsBitcoin (BTC)Billionaire Bill Miller Has 'Very Big' Bitcoin Position — Calls BTC 'Insurance...

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

- Advertisement -


Veteran investor and fund manager Bill Miller says he has “a very big position” in bitcoin and expects to see a lot of institutional adoption this year, particularly among endowments and foundations. “Bitcoin is insurance against financial catastrophe,” he opined.

Bill Miller Says ‘Bitcoin Is Insurance Against Financial Catastrophe’

Famed value investor Bill Miller talked about bitcoin in an interview with CNBC Wednesday. He is the founder of Miller Value Partners and currently serves as its chairman and chief investment officer. He manages the firm’s Opportunity Equity and Income Strategy funds. Prior to Miller Value Partners, he co-founded Legg Mason Capital Management.

Referring to bitcoin, Miller described, “It’s like an insurance policy.” He elaborated: “Insurance policies have no intrinsic value. In fact, you want them to have no intrinsic value. You don’t want to have your house burned down or get in a terrible accident but you pay for insurance every year in case that happens.” Miller continued:

Bitcoin is insurance against financial catastrophe as we see in Lebanon, or in Afghanistan, or many of these other countries where we saw around the time of the pandemic.

Miller also clarified what he said in January about bitcoin being half of his net worth, noting that many media reports misinterpreted what he said. Miller explained that he only put a few percent of his net worth into bitcoin which then grew to become half of his total fortune as the price of the cryptocurrency soared. However, he added that now BTC accounts for less than half of his total net worth because the price has fallen since its high in November.

“I put a few percent of my net worth in it a long time ago and it grew to be half of my net worth. Now it’s less than that because it’s down half since November. But it’s still a very big position,” he said.

Commenting on KPMG Canada buying bitcoin and ether for its corporate treasury, Miller said he sees the move as bullish for the crypto sector. The billionaire fund manager opined:

I think you’re going to see a lot of adoption among foundations and endowments and institutions this year, and that’s going to continue.

The veteran investor has long been pro-bitcoin. In September last year, his hedge fund company told the U.S. Securities and Exchange Commission (SEC) in a filing that bitcoin has “significant upside potential” as digital gold.

When the price of bitcoin fell in May last year, he was unfazed by the falling price, emphasizing that bitcoin price corrections are pretty common.

What do you think about Bill Miller’s comments? Let us know in the comments section below.

Billionaire Bill Miller Has 'Very Big' Bitcoin Position — Calls BTC 'Insurance Against Financial Catastrophe' – Featured Bitcoin News
Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





Source link

- Advertisement -
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,580FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 42,497.00
ethereum
Ethereum (ETH) $ 2,952.57
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 321.06
litecoin
Litecoin (LTC) $ 125.06
eos
EOS (EOS) $ 2.43
okb
OKB (OKB) $ 21.48
tezos
Tezos (XTZ) $ 4.32
leo-token
LEO Token (LEO) $ 6.17
cardano
Cardano (ADA) $ 1.09
monero
Monero (XMR) $ 170.22
stellar
Stellar (XLM) $ 0.218594
chainlink
Chainlink (LINK) $ 16.26
huobi-token
Huobi Token (HT) $ 9.95
tron
TRON (TRX) $ 0.06478
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 103.86
neo
NEO (NEO) $ 22.29
iota
IOTA (MIOTA) $ 0.876372
nem
NEM (XEM) $ 0.109179
zcash
Zcash (ZEC) $ 117.16
maker
Maker (MKR) $ 2,033.11
paxos-standard
Pax Dollar (USDP) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 32.69
vechain
VeChain (VET) $ 0.058421
true-usd
TrueUSD (TUSD) $ 1.00
ftx-token
FTX Token (FTT) $ 43.65
kucoin-shares
KuCoin Token (KCS) $ 19.08
waves
Waves (WAVES) $ 9.95