Billionaire Bill Miller compared Bitcoin with an insurance contract – Bits Media

The head of the investment company Miller Value Partners called Bitcoin investments with effective insurance from the financial disaster.

In an interview with CNBC television channel Bill Miller (Bill Miller) admitted, that his investment portfolio still includes bitcoin-despite, that BTC It is traded approximately on 36 % below its record maximum.

Miller claims, that his words in the January interview about, that the billionaire has invested half his condition in Bitcoin, were incorrectly interpreted by the media. Miller invested in the first cryptocurrency only a small percentage of his money. However, as Bitcoin grows, this percentage increased to half the state of the businessman. Now the share has decreased again, since the BTC course has significantly decreased from November, However, this is still a very strong position, Miller says.

Head miller value partners confident, that investments in bitcoin can insure investors from the financial crisis, which is now acutely manifested in developing countries like Lebanon or Afghanistan. And in general everywhere, where the situation is aggravated by pandemia.

The billionaire counts, that BTC still has where to develop, Calling the statements of crypto -inspections about that, that bitcoin "does not have internal value". The businessman compares BTC with objects for collecting, such as the baseball card of Honus Wagner or Picasso's picture.

"Bitcoin is similar to insurance contracts, which have no internal value. In fact, You yourself want it, so that they do not have this internal value - you don't need, so that your house is burned or so that you get into a terrible accident. But you pay insurance in case every year, If this happens ", Miller argues.

The businessman called the recent purchase of bitcoin and broadcast by the Canadian division of the KPMG audit company a good sign for the cryptocurrency industry and suggested, that this year Bitcoin will find great recognition among the target capital management funds and other large organizations.

Miller is not the first to speak in support of BTC. Last year he said, that high volatility is a completely normal phenomenon for bitcoin, And there is no reason to call the first cryptocurrency a bubble.