Veteran investor and fund manager Bill Miller says he has “a very big position” in bitcoin and expects to see a lot of institutional adoption this year, particularly among endowments and foundations. He said that bitcoin is “insurance against financial disaster.”

Bill Miller Says ‘Bitcoin Is Insurance Against Financial Catastrophe’

Bill Miller, a well-known value investor, spoke about bitcoin Wednesday in an interview with CNBC. Miller Value Partners was founded by him and he currently serves as the chief investment officer and chairman. He oversees the firm’s Opportunity Equity and Income Strategy fund. He co-founded Legg Mason Capital Management before Miller Value Partners.

Miller referred to bitcoin and said, “It’s almost like an insurance policy.” You want them to be free from intrinsic value. Miller said:

Bitcoin is insurance against financial catastrophe as we see in Lebanon, or in Afghanistan, or many of these other countries where we saw around the time of the pandemic.

Miller clarified his January statement about bitcoin accounting for half of his net worth. He noted that media reports had misunderstood what he said. Miller stated that he had only invested a small percentage of his net worth in bitcoin, which grew to be half of his total fortune when the price of cryptocurrency rose. However, he added that now BTC accounts for less than half of his total net worth because the price has fallen since its high in November.

” I put in a small percentage of my net wealth a while back and it has grown to half of my networth. It’s now less than half of what it was in November, but it’s still a significant amount. He said that it was still a significant position.

Commenting on KPMG Canada buying bitcoin and ether for its corporate treasury, Miller said he sees the move as bullish for the crypto sector. The billionaire fund manager said:

I think you’re going to see a lot of adoption among foundations and endowments and institutions this year, and that’s going to continue.

The veteran investor has been a proponent of bitcoin for a long time. In September last year, his hedge fund company told the U.S. Securities and Exchange Commission (SEC) in a filing that bitcoin has “significant upside potential” as digital gold.

When the price of bitcoin fell in May last year, he was unfazed by the falling price, emphasizing that bitcoin price corrections are pretty common.

What do you think about Bill Miller’s comments? Comment below.

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