Do you buy insurance? If you do, then read this article as you may have some good alternatives to your insurance policy. Bill Miller, a billionaire investor, described bitcoin as “insurance” against financial calamity, and he stated that despite its immaturity, he still holds a significant position in the primary cryptocurrency.
The renowned investor acknowledged that bitcoin has no intrinsic value, comparing it to high-priced collectibles such as Honus Wagner baseball cards or Picasso paintings.
Insurance policies have no intrinsic worth, according to him, and consumers want them to have no intrinsic value. People don’t want their house to burn down or to be involved in a bad accident, but they pay for insurance every year just in case.
Mill believes Bitcoin is a form of financial insurance, similar to what we witnessed in Lebanon, Afghanistan, and many of the other countries around the time of the pandemic. Miller also said that statements he made in a January interview, which were misinterpreted as meaning that he had invested half of his personal money in bitcoin and other cryptocurrencies, were false. He claimed that he had only put a little portion of his net worth into bitcoin, but that when the price soared, it grew to be half of his whole wealth.
So Bitcoin or Insurance? Comment below.
