Why someone invests in bitcoin (BTC) differs from person to person. One will use it for international transfers, and the other sees it as insurance against a possible financial disaster. Billionaire Bill Miller is such a person as the latter. He made that known in a podcast episode by Richer, Wiser, Happer.
‘Bitcoin is insurance as I see it’
Miller is a well-known billionaire in the Bitcoin community. At the beginning of this year, it was announced that he has put as much as 50% of his investment portfolio in the cryptocurrency. He has expressed why he did this several times, and again he lets us know what he thinks about BTC.
To make his point, he cites the situation in Afghanistan: “When the US withdrew from Afghanistan, Western Union stopped sending money transfers there,” Miller said, adding:
“But if you had bitcoin, you were in the right place. Your bitcoin is still there. You can send it to anyone in the world if you have a phone.”
Miller Responds to BTC Criticism of Warren Buffett
The billionaire also spoke out about the criticism that Warren Buffett, another well-known billionaire, has on bitcoin. Buffett recently said that the cryptocurrency “produces nothing.” His right hand went a little further, calling it “stupid and evil.” Miller’s solution: “Ignore it.”
“He said bitcoin is a non-productive asset and therefore he cannot value it. Fair enough. If the only thing you think you can value are productive assets, then no one is forcing you to buy it, right? So ignore it.”
For him, the purpose of investing is not to own producing assets “but to make money,” Miller said. In short, the fact that bitcoin does not produce anything by itself does not matter to him. “It’s an insurance policy, the way I look at it,” the billionaire says.