American Investor Bill Miller says he has a large portion of his investment portfolio in Bitcoin, terming the asset class as financial insurance against a calamity.
Source: Markets Insider
BTCUSD is up +0.89%
Miller, who believes that the digital asset is still at an early stage of development, approves the thinking that Bitcoin must not have an intrinsic value.
The Chairman and CIO of Miller Value Partners equates Bitcoin to a valuable collectible. He adds that bitcoin protects against a financial catastrophe, especially in disaster-prone countries.
Miller notes that his investment in BTC had grown to about half of his wealth, clarifying an earlier comment that he had invested half of his fortune in the asset.
Mike Novogratz and Charles Hoskinson hold the same sentiment, citing the financial crisis that hit Afghanistan after the government collapsed. They think that financial aid could have been sent to the victims using BTC.