In an episode of the “Richer, Wiser, Happier” podcast on May 24, Miller endorsed cryptocurrency as a means for people caught up in conflict to continue to access financial products. He used the collapse of the financial infrastructure in Afghanistan after the US withdrawal in August 2021 as an example.
“When the United States withdrew from Afghanistan, Western Union stopped sending remittances there or accepting them from Afghanistan, but if you had bitcoin, you were fine. Your bitcoin is there. You can send it to anyone in the world if you have a phone.”
Miller said that examples of how cryptocurrency can function as insurance don’t “have to be all or nothing,” noting how bitcoin behaved during the early stages of the pandemic and the Fed’s reaction:
“When the Federal Reserve stepped in and started to skyrocket the money supply and essentially bail out mortgage rates […] bitcoin worked fine. There was no bitcoin bull run. The system worked without the Fed and without any interference. Everybody got their bitcoin, the price adjusted, and then when Bitcoiners realized, ‘Wait, we’ll have inflation on the way,’ bitcoin went through the roof.” “It’s an insurance policy, the way I see it,” he added.
Miller is famous for managing a portfolio that for 15 consecutive years, between 1991 and 2005, consistently outperformed the S&P 500 Index. He is also known for his defense of bitcoin, putting half of his assets into the asset in January.
When asked if he still held that position, Miller confirmed that “40% to 50%” of his money was in Amazon stock and that his bitcoin holdings were “about the same as Amazon,” adding. that 80% of his net worth is divided between both assets.
Miller not only supported Bitcoin, but also crossed Warren Buffet, after the billionaire investor commented that the cryptocurrency “produces nothing” and that he “would not accept” all the bitcoin in the world even for $25.”
He explained: “He said that bitcoin is a non-performing asset and therefore you can’t value it. Fair enough. If the only thing you think you can value is productive assets, then no one is forcing you to buy it, right? So ignore it. More Later, he continued his comment, adding that “the objective of investment is not to own productive assets, the objective is to make money”.
Source: Ambito
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