Bitcoin (BTC) is a “insurance policy against financial calamity,” according to Bill Miller, the billionaire founder and chief executive officer of the American investment firm Miller Value Partners.
According to Miller, because digital gold is not linked to the traditional financial system, it was able to withstand the shock of the epidemic and will be able to weather downturns.
“Take a look at the money supply during the pandemic. When the Fed intervened in the epidemic and began reducing the money supply and bailing out mortgage rates and other financial institutions, bitcoin continued to function normally. Bitcoin did not experience a run. In an interview with author William Green, Miller stated, “It was there.”
“It went down a lot at first, but the system worked without the Fed and without any interference, and everyone got their bitcoin and the price adjusted, and then when the bitcoiners and newer bitcoiners realized they were going to have inflation down the road, bitcoin went through the roof,” he said, adding that he believes bitcoin will “rally” again in the future.
Miller claims to have a large portion of his net worth in bitcoin and related investments in major industry firms like Silvergate Capital, which recently purchased Zuckerberg’s Diem and is preparing to launch a stablecoin, and Michael Saylor’s business intelligence firm, MicroStrategy, which is one of the largest bitcoin investors.
“Buffett said it is not productive, and I think that is fair enough,” he remarked of Warren Buffett’s position on bitcoin. However, the goal of investing isn’t to hold productive assets; it’s to create money.”
