Renowned investor Bill Miller says half of his personal net worth is now in Bitcoin (BTC).
Miller tells WealthTrack in a new interview that he views BTC as “insurance” against financial catastrophes and government overreach.
“I would say that right now it’s best thought of as digital gold.
Gold, as people have said, [has been] a store of value for 5,000 years, and gold is what people typically fled to when the governments tried to inflate them out. And in the United States, Franklin D. Roosevelt confiscated everybody’s gold in 1933. You had to turn it in or you went to jail.
They can’t confiscate your Bitcoin. If you hold it securely, as long as you have an internet connection, you can send it somewhere instantaneously at very low cost.”
Miller, a self-described Bitcoin bull, has also called himself a “Bitcoin observer.”
“I’m observing its trajectory as a new technology and comparing it to the trajectories of things like the printing press, or the steam engine, or the railroads, or the automobile, or electricity, and it’s following… a well-understood path for the adoption of new technologies.”
Reminiscing about the beginning of the pandemic, Miller says the financial markets risked becoming “unglued” but the Federal Reserve increased the money supply to keep everything from collapsing – while Bitcoin remain unbothered.
“During that time the Bitcoin network functioned perfectly. There was no run on it… prices went down initially until people figured out the Bitcoin blockchain was functioning without any interference at all.”
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Featured Image: Shutterstock/KHIUS