Bill Miller Sees Bitcoin As Insurance Policy Against Financial Catastrophe

In an interview, William H. Miller III, a famed American value investor, recently spoke about Bitcoin. Miller is the co-founder, chairman, and chief investment officer of Miller Value Partners and the portfolio manager of the firm’s mutual funds “Opportunity Equity” and “Income Strategy.” Before founding Miller Value Partners, Bill Miller and Ernie Kiehne formed Legg Mason Capital Management. They served as fund managers for the Legg Mason Capital Management Value Trust since its formation in 1982. Miller backed Bitcoin as a beneficial digital tool, including those caught in places of conflict and with restricted access to financial products, while being interviewed by William Green on episode RWH007 of “We Study Billionaires,” the “headquarters podcast of The Investor’s Podcast Network.” Bitcoin, according to Miller, may have aided individuals impacted by the U.S. troop withdrawal from Afghanistan. He said, “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.” Bitcoin As An Insurance Policy Miller was quick to point out that Bitcoin’s worth as insurance isn’t “all or nothing,” adding that despite the Fed’s monetary policy, $BTC played a significant role in the early months of the outbreak. He continued, “When the Fed stepped in and star...