Bill Miller believes that Bitcoin is an insurance policy against financial disasters

  • Bill Miller is a globally popular investor and supporter of Amazon and Bitcoin.
  • Miller first bought Amazon stock in 1997 during its initial public offering.
  • He started investing in Bitcoin in 2014.

In recent months, the cryptofintech sector has fallen on hard times and the increasing volatility of the market has severely affected all types of crypto assets.

The most popular and largest cryptocurrency of all is Bitcoin. In the third half of 2021, the digital currency was trading at $67,549.74; In the eleventh month of 2021, the cryptocurrency began to lose its price at a constant rate.

Regardless of volatility and crypto winters, a globally popular investor, Bill Miller, is unaffected by market volatility and remains bullish on two of the most trusted stocks: Amazon and Bitcoin.

Recently, in an interview with the news outlet Forbes, Miller called cryptocurrencies “misunderstood” and referred to bitcoin as an “insurance policy against financial disasters.”

On October 13, 2022, Miller provided his views on the market in a conversation with Marvin Mclntyre, CEO of Morgan Stanley Private Wealth Management, at the Forbes/Shook Senior Advisors Summit.

On the one hand, the investor admitted that companies that have performed well over the past decade are now being crushed in the face of a brash Federal Reserve. On the other hand, he said that he provides a good opportunity to buy more shares of the company at a low price.

During his days with Leg Mason, Miller was popular for beating the stock market for fifteen consecutive years, from 1991 to 2005. He is well known for having personally bought Amazon stock during its initial public offering in 1997.

Miller stressed: “If your time horizon is longer than a year, you should do very well in the market.”

In 2021, Miller stated in an interview that nearly 50% of his net worth is associated with Amazon. She added that the other 50% is in bitcoin.

On Oct. 13, 2022, the former president called Bitcoin “an insurance policy against financial disasters, with a “limited downside” during tough market periods, as it is “not connected to the rest of the financial system.”

According to reliable media sources, the Mill trader bought back his first Bitcoin in 2014 when BTC was trading for around $200 and then bought some more time when it became $500. He said the financial backer didn’t get it for a long time. until BTC fell to $30,000 after hitting around $66,000 in April 2021.

The investor supports his argument with wonderful lines from Warren Buffett, John Templeton, and Leo Tolstoy:

“Be greedy when others are afraid”, he added, as well as “The moment of maximum pessimism is the best moment to buy”, and “The two most powerful warriors are patience and time”.

Miller’s belief in bitcoin also showed flexibility in May, when the entire cryptocurrency market tanked following the Terra flop. That said, he admitted that he was forced to sell a portion of his bitcoin at the time to meet the margin call.

Miller primarily pointed to Bitcoin’s potential as a global reserve asset, especially after Russian sanctions took effect and its ruble began to fall in March. He proclaimed that altcoins do not share this asset and are similar to “risk investments”.

BTC is trading in a descending channel, creating panic among the bulls. BTC tries multiple times to break out of the $19,500 range but the bulls do not have much strength compared to the bears.

BTC is trading below 50 DMA and hovering near 10 DMA. Also, the price rally that was shown in mid-August hit $25k and didn’t last long. The rising wedge pattern thus formed led to the trend reversal, which pushed the price back to $20k.

BTC is now trading in a range of $18k-$20K. The price consolidates between the range making lower highs and lower lows. The volume traded decreased by 34% in the last 24 hours. However, the price is now $19,175, down 3.20% at the time of writing.

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