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The head of the investment company Miller Value Partners, Bill Miller, called bitcoin an effective means for accessing financial services, regardless of the military and economic situation.
Billionaire Bill Miller has backed bitcoin, calling it a “life-saving tool” for all countries involved in military conflicts that prevent ordinary citizens from accessing banking services. Miller cited the collapse of financial infrastructure in Afghanistan after the withdrawal of U.S. troops in August 2021.
“When the United States left Afghanistan, money transfers through the payment operator Western Union stopped in the country. But, if the people of Afghanistan could freely use bitcoin, everything would be fine. It can be sent anywhere in the world, there would be a mobile phone,” Miller said.
He added that bitcoin has worked as insurance for investors during the pandemic as well. Even when the U.S. Federal Reserve (Fed) began to reduce the money supply to “save” mortgage rates, bitcoin functioned normally, without anyone’s interference. Then, when bitcoin enthusiasts began to fear rising inflation, bitcoin “skyrocketed,” Miller said.
Miller also condemned Berkshire Hathaway owner Warren Buffett for his recent criticism of bitcoin. According to Buffett, this asset does not produce anything, and it is not worth buying even for $ 25. Miller noted that the purpose of investing is not to own productive assets, but to make money.
In January, the head of Miller Value Partners said that he had invested half of his fortune in bitcoin. Asked if he continues to hold half of his capital in cryptocurrency, Miller replied that between 40% and 50% of his money was in Amazon stock, and his investment in bitcoin was about the same. Now 80% of its capital is distributed between these two assets.
Miller also spoke about the tattoo of the founder of the galaxy digital cryptocurrency fund Mike Novogratz (Mike Novogratz) with the image of a wolf howling at the moon, made based on the crypto asset LUNA. Miller said that Novogratz should have had a tattoo with the image of bitcoin on his arm, because he is much more “tenacious” in comparison with LUNA.
Earlier, Miller said that bitcoin has no signs of a “bubble”, and assessed the prospects for its development as optimistic. According to the billionaire, the bitcoin rate will never collapse to zero, especially given the large investments of institutional investors.
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