Veteran Investor Bill Miller: Bitcoin Is Insurance Against Financial Catastrophe

Veteran investor Bill Miller discussed cryptocurrencies in an interview with CNBC on Wednesday. About Bitcoin in particular, Miller said, “It’s like an insurance policy.” He added:

“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.”

The founder, Chairman and Chief Investment Officer of Miller Value Partners 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 had a chance to get back to something he had previously said. He noted that he got misinterpreted by multiple media outlets when in January he had said that Bitcoin accounts to half his net worth.

Miller explained that in early times he had only put a few percent of his net worth into the digital asset, which nevertheless became half of his total investment as Bitcoin’s price continued to soar:

“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.”

The billionaire CIO also had an opinion about KPMG Canada recently adding Bitcoin and Ethereum to its Corporate Treasury which he believed is a bullish signal:

“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.”