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During a recent episode of the “Richer, Wiser, Happier” podcast, Bill Miller, founder and investment chief of Miller Value Partners, has opined on various topics including Bitcoin, the recent market downtrend, and opportunities for investors, and the buying opportunity for investors.
Commenting about the flagship currency, Miller says “Bitcoin is the only economic entity in the world whose supply remains unaffected by the demand.” He explains that for instance, if the price of gold increases, then more people will be mining it therefore the supply will increase. However, in the case of Bitcoin, there’s a fixed supply.
Bitcoin too suffered the wrath of the crypto bloodbath last week, reaching below $29,000. At the time of writing, the leading cryptocurrency in the world was down by 1.47% and was trading at $28,994.97.
Further sharing his opinions on the largest crypto assets, the investment chief said that he thinks of BItcoin as “an insurance policy against financial catastrophe.” Explaining, he gave an example of a national government privatizing the banks of a country and emptying its citizens’ accounts. Miller believes that Bitcoin can act as an escape from these seizures.
Recently, Bitcoin’s long-time critic Warren Buffet gave a statement saying that he wouldn’t give $25 for all the Bitcoins in the world. Buffets say that it doesn’t matter to him if bitcoin goes up or down in the coming years, he knows one thing for sure it doesn’t produce anything.
Commenting on this, Miller said that if Buffet truly believes that Bitcoin is a non-productive asset and therefore he can’t value it, then it’s okay, it’s fair.
Miller goes on to say that if he thinks that the only things that he can value are productive assets, then no one is forcing him to buy them and he should completely ignore them.
Miller explains that although it is important to remember that “the objective of investing is not to own productive assets, the objective is to make money.”
In the podcast, Miller also talked about his signature bets on Amazon stock and Bitcoin. He keeps 80% of his personal wealth in Amazon and Bitcoin.
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
