Many people claim that Bitcoin is the ultimate hedge against inflation, but now it’s turning out to be more than that. Billionaire Bill Miller recently said that Bitcoin is not just a hedge against inflation, but insurance against financial disaster. He recently appeared in the “Richer, Wiser, Happier” podcast, and spoke at length about his views of Bitcoin and cryptocurrency at large. When we take a deeper look at the statements, they start to make a lot of sense. Anyone who is unsure about Bitcoin in these tumultuous times needs to take note of Bill Miller’s statements.
In the podcast, Miller gave the example of Afghanistan to explain why Bitcoin is insurance against collapsing governments and financial disasters. When the US troops withdrew from Afghanistan, there was a complete meltdown of the governmental and economic systems. If you wanted to get money from another country at that time, there was no way to do it. Western Union stopped operating, and there was no way to go the traditional bank route. Even in such times, Bitcoin was fully functional since you own it, operate it, and also store it.
Later in the podcast, Bill Miller criticized Warren Buffett’s recent criticism of Bitcoin. He said that the purpose of investing is not to own productive assets but assets that make you money. Bitcoin ticks that box since no other asset has grown as much as it. As we can see, Bitcoin is not going anywhere no matter what the media and certain sections of the population want us to believe.