bill miller bitcoin is an insurance against financial catastrophe

According To Bill Miller “Bitcoin is an insurance against financial catastrophe”

  • Legendary investor Bill Miller compared Bitcoin to an insurance policy, noting that it may lack intrinsic value but duly comes in handy in case of a catastrophe.
  • Miller said he still holds a significant portion of Bitcoin in his portfolio.
  • BTC price climbed above $45,000 on Thursday, jumping above the resistance level amid high volatility in the market.

Bitcoin is what investors need to hedge against financial catastrophe, legendary investor Bill Miller said in an interview with CNBC.

According to the fund manager, who in January revealed that he held a significant chunk of his personal wealth in Bitcoin, the cryptocurrency acts “like an insurance policy.”

Explaining his analogy, the famed investor told CNBC that people go for insurance even when they know that the policies do not have intrinsic value.

The former chief investment officer at Legg Mason Capital Management Value Trust said that it is exactly this factor (a lack of intrinsic value) that makes people want to get insurance. It’s not because they wish to see their property destroyed or hope to get into an accident, but because the insurance always comes in handy if the calamity ever happened.

Bitcoin is insurance against financial catastrophe,” he explained in comments referenced by Insider.

READ MORE Source coinjournal

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