Billionaire Bill Miller shares that he has a long Bitcoin position and calls it insurance against financial catastrophe. Bill also shared that he sees the potential of a lot of institutional adoption this year. According to him, it is at least going to be very popular among endowments and foundations. All this means that we might see a parabolic rally in 2022, which didn’t happen in 2021.
Bitcoin is insurance
Bill Miller is a well-known veteran investor, and he recently shared his views on Bitcoin in a CNBC interview. He also serves as the CIO and Chairman of Miller Value Partners that he founded. So, he has got a lot of experience with money and with different assets that he managed all these years. Therefore, Bill explains that he sees Bitcoin as an insurance policy. His take is very different from what we hear from most people.
Bill says that insurance policies don’t have any intrinsic value. We pay for them because if something bad happens, it gets covered by the company. And the same goes for Bitcoin, as it doesn’t have any intrinsic value, but it gives you financial support and freedom. Things that are happening in many countries like Afghanistan and Lebanon are clear examples of this.
The recent Bitcoin investment of KPMG Canada was also commented on by Bill. He said that it is a pretty bullish move for the sector. And it could even lead a lot of companies in the same footsteps.
Bill Miller talks about his portfolio
Back in January, Bill said that half of his portfolio is Bitcoin, and many thought that it was his investment. But in the interview, he cleared out the air around this. When he invested in Bitcoin, it was only a few percentages of his portfolio, but then the price of BTC increased to become half of this net worth. Though, the crash from the November highs has resulted in it again being less than 50% of this portfolio.
Even Bill’s investment firm is into cryptocurrencies and has shared a positive view on the same. What are your thoughts as Bill Miller shares that he has a long Bitcoin position? And do you think that it will turn out good for him? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Uber plans to get into crypto once it becomes environmentally friendly.
