Billionaire Bill Miller, who’s the founder and the chief investment officer of Miller Value Partners, an investment firm, considers Bitcoin an “insurance policy” that can be used for any financial catastrophe. On May 24, he appeared on an episode of the “Richer, Wiser, Happier” podcast where he backed the largest cryptocurrency as a means for people caught in conflict to be able to continue accessing financial products. As an example, Miller was quick to use the collapse of Afghanistan’s financial infrastructure after the United States withdrew from the country in August 2021.
In the podcast, Miller also cited examples of how Bitcoin as a cryptocurrency can act as insurance and noted how it performed during the early stages of the COVID-19 pandemic and the reaction of the Federal Reserve to it. He also refuted Warren Buffett’s criticism of Bitcoin, where the billionaire investor commented that the cryptocurrency “doesn’t produce anything.” To add, Buffet “wouldn’t take” Bitcoin for even $25 in the world.
Bill Miller is noted for managing an investment portfolio that, for fifteen consecutive years between 1991 and 2005, has consistently outperformed the S&P 500 index. Let’s not forget, he’s also known advocating Bitcoin and putting half of his net worth into the asset at the beginning of this year. When Miller was asked if he still held that position, he said that he invested about 40 to 50 percent of his money in Amazon stock, while he held an equal amount in Bitcoin. He added that 80 percent of his net worth is divided between Amazon stock and Bitcoin.