The head of the investment company Miller Value Partners, Bill Miller, called bitcoin an effective tool for accessing financial services, regardless of the military and economic situation.
Billionaire Bill Miller Supports Bitcoin naming its “saving tool” for all countries involved in military conflicts, due to which ordinary citizens cannot access banking services. Miller cited the collapse of the financial infrastructure in Afghanistan after the withdrawal of US troops in August 2021 as an example.
“When the US left Afghanistan, money transfers through the payment operator Western Union stopped in the country. But, if the people of Afghanistan were free to use bitcoin, everything would be fine. It can be sent to anywhere in the world, there would be a mobile phone,” Miller said.
He added that bitcoin worked as insurance for investors during the pandemic as well. Even when the US Federal Reserve (Fed) began to reduce the money supply to “rescue” mortgage rates, Bitcoin functioned normally, without anyone’s intervention. Then, when bitcoin enthusiasts began to fear rising inflation, bitcoin “blew up,” Miller said.
Miller also condemned Berkshire Hathaway owner Warren Buffett for his recent bitcoin criticism. According to Buffett, this asset does not produce anything, and it is not worth buying even for $25. Miller noted that the purpose of investment is not to own productive assets, but to make money.
In January, the head of Miller Value Partners announced that he had invested half of his fortune in bitcoin. Asked if he continues to hold half of his capital in crypto, Miller replied that between 40% and 50% of his money was in Amazon stock, and his investments in bitcoin were about the same. Now 80% of his capital is distributed between these two assets.
Miller also spoke about the tattoo of the founder of the cryptocurrency fund Galaxy Digital Mike Novogratz (Mike Novogratz) with the image of a wolf howling at the moon, made based on the crypto asset LUNA. Miller said that Novogratz should have gotten a bitcoin tattoo on his arm, because he is much more “survivable” compared to LUNA.
Earlier, Miller said that bitcoin has no signs of a “bubble”, and assessed the prospects for its development as optimistic. According to the billionaire, the price of bitcoin will never fall to zero, especially given the large investments of institutional investors.
Source: Bits
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