The economic condition of the world is about to be hit by a massive wave of inflation on account of the destructive trends brewing since the arrival of the COVID pandemic. Under these circumstances, Bitcoin and other cryptocurrencies have managed to get a considerable boost among investors across the globe. However, cryptocurrencies have remained a popular asset class pre-dominantly among the younger population.
The exception to the rule is veteran investors like Bill Miller, who recently made a case in favor of Bitcoin. Commenting on the merits of the top coin, Miller recently claimed that Bitcoin was able to remain in business for more than a decade without any intervention from the Federal Reserve or any other centralized monetary regulator. He also claimed that Bitcoin is the equivalent of an insurance policy.
Bitcoin is Insurance for Investors
As per the latest remarks from Bill Miller, Bitcoin is like a safety net for investors when the rest of the financial markets are in a state of turmoil. He also claimed that investors could have the option to diversify their portfolio with the help of Bitcoin and remain a greater distance from financial losses. He was recently invited to a podcast named ‘Richer, Wiser, Happier.’
He also talked about the financial collapse of Afghanistan after the withdrawal of military forces by the United States. He pointed out that as soon as American soldiers left the soil of Afghanistan, the remittance services like Western Union revoked their services from the area. He claimed that even under dire circumstances, the people who had Bitcoin were not left without means.
During his interview at the podcast, Miller made the remarks that he had seen a picture of Mike Novogratz from Galaxy Digital with a tattoo of a LUNA token and a howling wolf at the moon. He also commented that maybe it would have been better if Novogratz had opted for a Bitcoin tattoo instead. After the recent crash of the LUNA token, Galaxy Digital posted an update about their $300 million losses following the de-peg incident.
He also revealed that around 40-50 percent of his investment portfolio is made up of Amazon stocks and also claimed that his Bitcoin portfolio was the same ratio as Amazon stocks. He clarified that 80% of his total investment portfolio is made of Bitcoin and Amazon stocks. He maintained that Bitcoin is a non-productive asset and declared that the main objective of investors is to make money first and foremost.
