Renowned investor Bill Miller says that as Bitcoin (BTC) adoption spreads so will its functional roles as a store of value.
Miller tells CNBC in a new interview that people will choose to ascribe value to Bitcoin in the same way they do for various collectibles and investments.
“Bitcoin in one sense has no intrinsic value. That’s correct. Or, it has a moderate intrinsic value because it has a giant database and databases have value.
But the value of it is similar to the value of a collectible Honus Wagner baseball card [or] a Picasso painting. It’s not in the materials or in the construction, it’s if people think it should be part of their portfolio. That’s on one side of it.”
Miller, a self-described Bitcoin bull, goes on to explain how the leading crypto asset can also serve as a form of insurance to protect against unforeseen emergencies.
“It’s like an insurance policy. Insurance policies have no intrinsic value. In fact, you want them to have no intrinsic value.
You don’t want to have your house burn down, or get in a terrible accident, but you pay for insurance every year in case that happens.”
Last month, Miller said he thinks of Bitcoin as “digital gold.” Now the famous investor adds,
“Bitcoin is insurance against financial catastrophe.”
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