“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.” crypto cryptocurrency
Billionaire Bill Miller Has 'Very Big' Bitcoin Position — Calls BTC 'Insurance Against Financial Catastrophe'
Referring to bitcoin, Miller described, “It’s like an insurance policy.” He elaborated: “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.” Miller continued:
Miller also clarified what he said in January about bitcoin being half of his net worth, noting that many media reports misinterpreted what he said. Miller explained that he only put a few percent of his net worth into bitcoin which then grew to become half of his total fortune as the price of the cryptocurrency soared. However, he added that nowaccounts for less than half of his total net worth because the price has fallen since its high in November.
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