Bill Miller recently reaffirmed his faith in Bitcoin in an interview on Thursday. The American billionaire views Bitcoin as insurance and claims the flagship currency will bail him out in times of financial catastrophe.
The investor further defended the crypto asset despite the recent crash in crypto prices. Bill believes that everyone should own Bitcoin. He said he has yet to hear a solid argument as to why a person should not put at least 1% of their liquid network in Bitcoin.
Sometime last year, the 72-year-old investor described Bitcoin as digital gold. He also revealed that 50% of his personal wealth is in Bitcoin. Bill made his first purchase of Bitcoin when the asset traded around $200 – $300. He had also held on to BTC in good times and in turbulent times, experiencing the market crash of 2018 when Bitcoin dropped more than 80% from its all-time high.
A Highly Volatile Insurance
Although Bitcoin and other cryptocurrencies have performed well in the past decade, they are still viewed as a fad by some investors. Many see Bitcoin as an extremely volatile asset and have turned away from investing in it. Earlier this month, the fifth richest man in the world, Warren Buffet, claimed he would not buy all the crypto in the world if offered to him for $25. Warren believes in not investing in what he doesn’t understand.
Bitcoin has proved that it can hardly be used as a store of value, and the past few weeks have supported this notion. Bitcoin crashed from $38k to $27K before reclaiming $30k earlier today.
The recent volatility in the crypto space is the first in a very long time, with stablecoins also feeling the effect. USDT has been struggling to maintain its $1 peg in the past few hours, and Terra’s UST has crashed ludicrously, now valued at $0.16.
Despite the intense crash, veteran crypto investors strongly believe the tide will be over soon. Statistically, the recent plummet in prices is no way near that of 2018, and crypto fans highly anticipate a recovery in the coming weeks or months.