Billionaire Bill Miller Has 'Very Big' Bitcoin Position — Calls BTC 'Insurance Against Financial Catastrophe'

Billionaire Bill Miller Has 'Very Big' Bitcoin Position — Calls BTC 'Insurance Against Financial Catastrophe'

THELOGICALINDIAN - Veteran broker and armamentarium administrator Bill Miller says he has a actual big position in bitcoin and expects to see a lot of institutional acceptance this year decidedly amid endowments and foundations Bitcoin is allowance adjoin banking accident he opined

Bill Miller Says ‘Bitcoin Is Insurance Against Financial Catastrophe’

Famed amount broker Bill Miller talked about bitcoin in an account with CNBC Wednesday. He is the architect of Miller Amount Partners and currently serves as its administrator and arch advance officer. He manages the firm’s Opportunity Equity and Income Strategy funds. Prior to Miller Amount Partners, he co-founded Legg Mason Capital Management.

Referring to bitcoin, Miller described, “It’s like an allowance policy.” He elaborated: “Insurance behavior accept no built-in value. In fact, you appetite them to accept no built-in value. You don’t appetite to accept your abode austere bottomward or get in a abhorrent blow but you pay for allowance every year in case that happens.” Miller continued:

Miller additionally antiseptic what he said in January about bitcoin actuality bisected of his net worth, acquainted that abounding media letters misinterpreted what he said. Miller explained that he alone put a few percent of his net account into bitcoin which again grew to become bisected of his absolute affluence as the amount of the cryptocurrency soared. However, he added that now BTC accounts for beneath than bisected of his absolute net account because the amount has collapsed back its aerial in November.

“I put a few percent of my net account in it a continued time ago and it grew to be bisected of my net worth. Now it’s beneath than that because it’s bottomward bisected back November. But it’s still a actual big position,” he said.

Commenting on KPMG Canada buying bitcoin and ether for its accumulated treasury, Miller said he sees the move as bullish for the crypto sector. The billionaire armamentarium administrator opined:

The adept broker has continued been pro-bitcoin. In September aftermost year, his barrier armamentarium aggregation told the U.S. Securities and Exchange Commission (SEC) in a filing that bitcoin has “significant upside potential” as digital gold.

When the amount of bitcoin fell in May aftermost year, he was unfazed by the falling price, emphasizing that bitcoin amount corrections are appealing common.

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