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Crypto Hot News Bill-ionaire Miller says crypto an ‘insurance policy’ because ‘they can’t confiscate your Bitcoin’

Hot Crypto News Today Bill-ionaire Miller says crypto an ‘insurance policy’ because ‘they can’t confiscate your Bitcoin’ You Must Read To Get More Information For Trading and Investment.

Institutional investors have been quick to notice the merits of the cryptocurrency industry, and an increasing number of big-ticket names have been jumping onto the bandwagon recently after resisting it for years. For legendary investor Bill Miller, the biggest motivator behind his enormous Bitcoin portfolio allocation is the government’s lack of ability to interfere in its economics and ownership.

The billionaire revealed he has invested 50% of his entire portfolio in Bitcoin and businesses related to the top digital asset in a recent interview with WealthTrack. This, after he found the perfect buy-in opportunity during Bitcoin’s dip to $30,000 last year. Even though he held a minor amount previously, his recent BTC shopping spree was the result of the token’s sustained price growth and intriguing fundamentals according to Miller. He added,

“Bitcoin has gone up an average of 170% a year for the past 11 years… There are a lot more people using it now, a lot more money going into it from the venture capital world, there are a lot of skeptics that are trying it out now.”

He also went on to rebuke Warren Buffett’s comments on Bitcoin’s lack of an intrinsic value, stating that it is based on its supply and demand dynamics, much like paintings and other collectibles. He said,

“Bitcoin is the only economic entity where the supply isn’t affected by the demand.”

On the contrary, the investor explained that Gold’s supply would increase with its demand as that would be an incentive to its miners to increase production. Moreover, Bitcoin is also inaccessible to government authorities and ensures secure private ownership, argued the investor. According to him, combining these factors makes the asset much like an “insurance policy.”

Miller also revealed his other investments related to Bitcoin include the mining company StrongHold Digital and business intelligence firm MicroStrategy, whose CEO Michael Saylor is also a believer in buying Bitcoin dips. In fact, the exec has increased the company’s BTC holdings to around $5.9 billion over the past year. Many view the company’s stock as a regulated and safer exposure to the decentralized asset.

The investor also revealed his plans for further allocation if his bullish outlook plays out, stating,

“I thought 50% is a good stopping point for me, but if it goes all the way to $80-85k, I’ll buy it all the way down.”

Another legend from the financial industry that has recently switched his outlook on Bitcoin is Ray Dalio. He is now rooting for cryptocurrency as a tool for portfolio diversification. Revealing his own holdings, Dalio claimed that allocating 2% of a portfolio to Bitcoin is reasonable.

Stating that this was due to Bitcoin’s resemblance to gold as a limited supply and inflation hedge asset, the investor also stressed the need for diversification and risk assessment. In a previous interview too, he claimed that Bitcoin only “has some merit as a small portion of a portfolio,” adding that it was the “younger generation’s alternative to gold.”

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