(Markets Insider) Legendary investor Bill Miller says Bitcoin is like an insurance policy that can guard against catastrophic financial events.
Miller agreed with the notion that Bitcoin carries no intrinsic value, just the same as insurance policies which in essence carries no value unless a catastrophic event happens to touch the insured asset.
The legendary investor revealed that he holds a sizable position in Bitcoin and sees it as an asset in its early days.
Miller lauded the addition of Bitcoin and Ether by KPMG Canada, saying the allocations signal a bullish move for crypto since the top accounting firm interacts with numerous companies.
The investors foresee more adoption of crypto, ranging from endowment funds, institutions, and foundations.
BTCUSD is up +0.73%.
