An American investment billionaire recommends buying Bitcoin. According to him, cryptocurrency can serve as insurance in the event of a financial crash.
Bitcoin continues to fall. Last week, the price of the cryptocurrency slipped below the $30,000 threshold, a first since last year. Panic over the crash of UST, the algorithmic stablecoin issued on the Terra blockchain, has sealed the entire cryptocurrency market. Despite the Luna recovery plan decreed by Terra, most altcoins continue to bleed.
In this bearish context, analysts believe that the price of Bitcoin should fall below the $20,000 mark in the near future. Many voices are also raised to criticize the queen of cryptocurrencies. Christine Lagarde, President of the European Central Bank, thus assured that cryptocurrencies did not have the slightest value. Same opinion on the side of Bill Gates, founder of Microsoft.
Bitcoin is insurance for Bill Miller
Despite the decline, many investors continue to believe in the future of cryptocurrency. This is particularly the case of Bill Miller, a famous investor and fund manager. The man built his fortune by founding the investment company Miller Value Partners.
According to him, Bitcoin is a bulwark against financial crashes. “When the United States withdrew from Afghanistan, Western Union stopped sending remittances there or taking 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”explains Bill Miller.
Cryptocurrency is also widely used in countries that have imposed banking restrictions on their citizens. During the Russian invasion, the Ukrainians also turned massively to cryptocurrencies following the measures of the central bank of Ukraine. The organization decided to limit bank withdrawals across the country to prevent capital flight.
“It’s an insurance policy, the way I see it”assures the billionaire, who recalls that Bitcoin works without intervention from central banks or governments. The investor takes the opportunity to poke fun at Mike Novogratz, a trader who had the logo of Luna, the cryptocurrency that recently crashed, tattooed on his arm: “maybe you should have had a bitcoin on your arm, it would be a bit more durable than that”.
Robert Kiyosaki, author of the book Rich Dad, Poor Dad, agrees in the same direction. Believing that the economy and the US dollar will collapse, he recommends turning to safe havens, such as Bitcoin. “Buy Gold, Silver, Bitcoin”encourages the writer.
The billionaire has invested half of his fortune
Putting words into action, Bill Miller has invested half of its funds in Bitcoin. “This time, I started buying againer to $30,000, when it had fallen from $66,000. The idea was this: there are a lot more people using it, there is a lot of money coming in from the venture capital world.” emphasizes the fund manager. He adds : “Bitcoin can provide insurance against financial catastrophe that no other [actif] cannot provide. And its value can increase ten or fifty times”.
He is not the only billionaire to believe in the future of Bitcoin. Ricardo Salinas Pliego, the second richest man in Mexico, believes that “it is an asset that should be part of any investor’s portfolio. It is an asset that has value”. Elon Musk, the richest man in the world, also invested in Bitcoin. This is also the case of Tim Cook, CEO of Apple, and Michael Saylor, CEO of MicroStrategy.