Citing an episode of the “Richer, Wiser, Happier” podcast in YouTube Jesse Coghlan repots in cointelegraph.com that "Bill Miller the billionaire founder and chief investment officer of investment firm Miller Value Partners, has said he considers Bitcoin (BTC) an “insurance policy against financial catastrophe.”
Appearing on an episode of the “Richer, Wiser, Happier” podcast on May 24, Miller backed the cryptocurrency as a means for those caught in conflict to still access financial products. He used the collapse of financial infrastructure in Afghanistan after the United States withdrawal in August 2021 as an example.
When the U.S. pulled out of Afghanistan, Western Union stopped sending remittances there or taking them from Afghanistan, but if you had Bitcoin, you were fine. Your Bitcoin is there. You can send it to anybody in the world if you have a phone.
Miller said examples of how the crypto can function as insurance don’t “have to be all or nothing” and noted how Bitcoin performed during the early stages of the pandemic and the Federal Reserve’s reaction to it:
When the Fed stepped in and started gunning the money supply and bailing out, in essence, the mortgage rates […] Bitcoin functioned fine. There was no run on Bitcoin. The system functioned without the Fed and without any interference. Everybody got their Bitcoin, the price adjusted, and then when the Bitcoiners realized, ‘Wait, we’re going to have inflation down the road,’ Bitcoin went through the roof.”
Source credit and full story - https://cointelegraph.com/news/billionaire-bill-miller-calls-bitcoin-insurance-against-financial-catastrophe
In the podcast Miller spoke not only about Bitcoin but about verious aspects of finance and investing.
Highlights:
- Why this period has been “extraordinarily painful” for Bill Miller and many of his peers.
- Why war, inflation, and rising interest rates mean we’re in a new investment regime.
- Why he believes the battered stock market looks poised for a rebound.
- Why he views beaten-down prices and widespread pessimism as signals to buy stocks.
- What stocks he’s looking at now that seem wildly cheap.
- How to handle the emotional pressure of brutal downturns in financial markets.
- How he came to be the biggest individual shareholder of Amazon not named Bezos.
- Why he has over 80% of his personal investment portfolio in Bitcoin and Amazon.
- What other major investments he owns in his personal portfolio.
- Why he’s bullish about Chinese tech and internet stocks like Baidu and Alibaba.
- Why he regards Bitcoin as an insurance policy against financial catastrophe.
- What he thinks Warren Buffett and Charlie Munger don’t understand about Bitcoin.
- Why he plans to retire at the end of 2022 and what he’ll do with his new-found freedom.
- What gives him satisfaction when he looks back on his legendary 40-year career.
Here is the link to the podcast in YouTube -
Free Bitcoin - Poorman's Bitcoin related links:
How to build your own bitcoin mining pool for free:
@successforall/poor-man-s-bitcoin-why-i-use-crypto-tab-browser-as-my-free-bitcoin-mining-pool
Relaunching Minnows Helping Minnows Project With Cub DeFi - Free DeFi - Poorman's DeFi
@successforall/relaunching-minnows-helping-minnows-project-with-cub-defi-free-defi-poorman-s-defi
How to Onboard Millions of People into Hive? Do NOT Ask Them to Join Hive:
@successforall/how-to-onboard-millions-of-people-into-hive-do-not-ask-them-to-join-hive