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Bill Miller, founder of the billionaire and chief investment officer of investment firm Miller Value Partners, said he considered Bitcoin (BTC) as "insurance policy against financial disaster."

Appearing in the podcast episode "Richer, Wiser, Happier" on May 24, Miller supported cryptocurrency as a way for those caught in disputes to still access financial products. He cited the collapse of financial infrastructure in Afghanistan following the withdrawal of the United States in August 2021 as an example.

“By the time the US left Afghanistan, Western Union stopped sending remittances or withdrawal to Afghanistan, but if you had Bitcoin, you were fine. Your Bitcoin exists. You can send it to anyone in the world if you have a phone. ”

Miller said examples of how crypto can function as insurance should not be "complete or empty" and noted how Bitcoin operated during the early stages of the epidemic and the Federal Reserve's response to it:

“When the Fed intervened and started spending money and rescuing, in fact, borrowed money […] Bitcoin worked well. There was no run in Bitcoin. The system operated without the Fed and without interruption. Everyone got their Bitcoin, the price was fixed, and when the Bitcoiners saw, 'Stop, we're going to have a inflation down the road,' Bitcoin passed on the roof.

"It's insurance, the way I look at it," he added.

Miller also lashed out at Warren Buffett's recent criticism of Bitcoin, in which a billion-dollar investor said he was "producing nothing" and "would not take" all Bitcoin in the world for even $ 25:

"He said Bitcoin is a non-productive asset so he can't appreciate it. It's worth it. If the only thing you think you can value is a productive asset, no one makes you buy it, right? So ignore it."

He later followed his comments, adding that "the purpose of investing is not to have productive assets, the purpose is to make money".

Miller is best known for managing the portfolio for 15 consecutive years between 1991 and 2005, regularly surpassing the S&P 500 index profits. He is also known for representing Bitcoin and investing part of his value in assets in January.

Asked if he still holds the position, Miller confirmed that "about 40% to 50%" of his money is in Amazon stock and that his Bitcoin assets "are almost identical to Amazon," adding that 80% of his value is split in half. two assets.

Miller also discussed a Terra-based (LUNA) tattoo on the arm of Mike Novogratz, founder of crypto asset management company Galaxy Digital following the collapse of the Terra ecosystem:

“Someone sent me a picture of Mike Novogratz where he got a LUNA tattoo on his arm months ago of a wolf crying on the moon, and it's huge. It's like, oh, maybe you should have Bitcoin in your arm, it would be longer than that. ”

Novogratz said the tattoo would be "a lasting reminder that business investment requires humility," as Galaxy Digital posted a $ 300 million loss on its LUNA investment.

Source: cointelegraphy

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