Digital gold as protection – The Billionaire Bill Miller is already well known in the cryptosphere, since it revealed at the start of 2022 that it had bet half of his personal investment portfolio in Bitcoin. Despite the significant decline in crypto market prices in recent weeks, the investor is still very confident in Satoshi Nakamoto’s invention, especially as a store of value.
Bitcoin, a real “insurance policy”?
Bill Miller believes in Bitcoin (BTC) for quite a long time since, as early as 2017, his company Miller Value Partners invested heavily in the king of cryptos. After also betting big on Bitcoin personallyespecially in the course of 2021, the billionaire is still convinced of the resistance of BTC in the face of economic crises.
During a recent broadcast on May 24 on the YouTube channel called The Investor’s Podcast NetworkBill Miller returned to the reasons which make him firmly believe in Bitcoin. The first is the incredible resilience of the BTC network, even in the event of conflict or situation of chaos. The billionaire thus takes the example of the disastrous US withdrawal from Afghanistan following the return in force of the Taliban:
“When the United States withdrew from Afghanistan, Western Union stopped sending funds there, or even taking them from Afghanistan. But if you had bitcoins, nothing was interrupted. Your BTCs were still responding. You could send them to anyone in the world if you had a smartphone. »
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Bill Miller bets on BTC when the Fed starts printing dollars
Another reason for this renowned investor’s interest in Bitcoin is that this cryptocurrency is independent of the actions of central bankssuch as the US Federal Reserve (the Fed).
” [Bitcoin,] it’s an insurance policy, the way I see it. (…) When the Fed stepped in and started printing money supply (…) well, Bitcoin did well. His network continued to operate without any interference from the Fed. (…) When bitcoin enthusiasts realized: ‘Wait, we’re gonna have inflation [après ces interventions de la Fed]’, which is where Bitcoin exploded its price records. »
We also learn in this podcast that Bill Miller owns as always of bitcoins, since they represent “40 to 50%” of its private investment portfolio.
With the recent crash of the UST and the LUNA of Terra, all the owners of cryptocurrencies have seen these last lose value against the dollar. A phenomenon that has also impacted the richest crypto owners. Vitalik Buterinco-founder of Ethereum (ETH), for example explained “no longer being a billionaire”. But even in spite of all that, Bill Miller remains very optimistic for the future of bitcoin.
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