Billionaire Bill Miller Has ‘Very Big’ Bitcoin Position — Calls BTC ‘Insurance Against Financial Catastrophe’
Veteran investor and fund supervisor Bill Miller says he has “a really large place” in bitcoin and expects to see lots of institutional adoption this yr, notably amongst endowments and foundations. “Bitcoin is insurance coverage in opposition to monetary disaster,” he opined.
Bill Miller Says ‘Bitcoin Is Insurance Against Financial Catastrophe’
Famed worth investor Bill Miller talked about bitcoin in an interview with CNBC Wednesday. He is the founding father of Miller Value Partners and presently serves as its chairman and chief funding officer. He manages the agency’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 coverage coverage.” He elaborated: “Insurance insurance policies haven’t any intrinsic worth. In truth, you need them to haven’t any intrinsic worth. You don’t need to have your home burned down or get in a horrible accident however you pay for insurance coverage yearly in case that occurs.” Miller continued:
Bitcoin is insurance coverage in opposition to monetary disaster as we see in Lebanon, or in Afghanistan, or many of those different international locations the place we noticed across the time of the pandemic.
Miller additionally clarified what he stated in January about bitcoin being half of his internet value, noting that many media stories misinterpreted what he stated. Miller defined that he solely put a number of p.c of his internet value into bitcoin which then grew to turn into half of his complete fortune as the worth of the cryptocurrency soared. However, he added that now BTC accounts for lower than half of his complete internet value as a result of the worth has fallen since its excessive in November.
“I put a number of p.c of my internet value in it a very long time in the past and it grew to be half of my internet value. Now it’s lower than that as a result of it’s down half since November. But it’s nonetheless a really large place,” he stated.
Commenting on KPMG Canada buying bitcoin and ether for its company treasury, Miller stated he sees the transfer as bullish for the crypto sector. The billionaire fund supervisor opined:
I believe you’re going to see lots of adoption amongst foundations and endowments and establishments this yr, and that’s going to proceed.
The veteran investor has lengthy been pro-bitcoin. In September final yr, his hedge fund firm advised the U.S. Securities and Exchange Commission (SEC) in a submitting that bitcoin has “vital upside potential” as digital gold.
When the worth of bitcoin fell in May final yr, he was unfazed by the falling value, emphasizing that bitcoin value corrections are fairly common.
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