Bitcoin is described as ‘insurance’ against financial disaster by billionaire Bill Miller

In times of market upheaval, Miller concluded that Bitcoin “is an insurance policy, the way I look at it.” Bitcoin “functioned without the Fed and without any meddling,” Miller added.

Bitcoin (BTC) is considered by billionaire Bill Miller, founder and chief investment officer of Miller Value Partners, to be an “insurance policy against financial calamity.”

On May 24, Miller spoke on the “Richer, Wiser, Happier” podcast and advocated for cryptocurrencies as a way for folks trapped in conflict to still have access to financial services. As an example, he used the collapse of Afghanistan’s financial infrastructure after the departure of the United States in 2021 as a case study.

While Western Union ceased sending or receiving payments to and from Afghanistan once the US walked out, if you had Bitcoin, everything was great.” I can see your bitcoins now. If you have a phone, you can transmit it to everyone on the globe.”

There is no need for crypto insurance to be “all or nothing,” according to Miller, who cited how Bitcoin fared in the early stages of the flu epidemic and the Federal Reserve’s response:

As soon as the Federal Reserve came in and began shooting down the money supply and bailing out the mortgage rates, Bitcoin worked well. Bitcoin did not see a surge in demand. Without the intervention of the Federal Reserve, the system worked well. Everything proceeded according to plan once everyone received their Bitcoins; then, when people understood that inflation was inevitable, Bitcoin prices skyrocketed.

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