Bill Miller is arguably one of the biggest bitcoin bulls out there. Not long ago, he described the world’s number one digital currency by market cap as something of an insurance policy against financial and economic problems, and he mentioned that despite the falling price as of late, he still holds a fair amount of BTC in his portfolio today.
Bill Miller Believes in BTC
For the most part, Miller still believes that bitcoin is young enough to make a serious difference in the world of finance. While he agrees that it holds no intrinsic value, he feels its worth is more comparable to high-ranking baseball cards or paintings done by famous artists. While these items don’t really hold value on paper, they do in the sense that there will always be people out there willing to purchase these items because they believe they have value.
Discussing bitcoin, he stated:
It’s like an insurance policy. 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. Bitcoin is insurance against financial catastrophe as we see in Lebanon or in Afghanistan or many of these other countries where we saw (that) around the time of the pandemic.
Other billionaire investors of bitcoin – such as Mike Novogratz and Charles Hoskinson – have agreed with Miller and stated that bitcoin easily could have helped citizens of Afghanistan when the government fell roughly six months ago. This could have prevented the Taliban from interfering with financial transfers.
At the time of writing, Miller says that a minor percentage of his overall net worth is invested in bitcoin, but that the currency has done so well since he began investing that it now covers approximately half his total fortune. However, he mentioned:
Now it’s less than that because it’s down in half since November, [but] It’s still a very big position.
Despite this claim, he has not revealed any figures and has not disclosed how much BTC he truly owns. Over the past month or so, bitcoin has gone through a bit of a rough patch in that it experienced a new all-time high of roughly $68,000 per unit in November of 2021. From there, however, it encountered a series of drops that eventually saw it lose half its value, though at press time, it has jumped back into the mid-$40,000 range.
There’s Going to Be a Lot More Adoption
While volatility remains an issue, Miller – a former chairman of Legg Mason Capital Management Value Trust – is confident bitcoin’s adoption rates will rise. He said:
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.