Veteran investor and fund manager Bill Miller said he has a “very strong position” in the bitcoin space and expects a lot of institutional adoption this year, especially among endowments and foundations. He believes that Bitcoin is insurance against financial catastrophe.
When it comes to Bitcoin, Miller describes, “It’s like an insurance policy.” He elaborated: “Insurance policies have no intrinsic value. In fact, you want them to have no intrinsic value. You don’t want your house to burn down or Terrible accident happens, but you pay insurance every year just in case.” The veteran investor has long backed bitcoin.
In September of last year, his hedge fund firm told the U.S. Securities and Exchange Commission (SEC) in a filing that Bitcoin has “enormous upside potential” as digital gold.