• Tue. Apr 23rd, 2024

Veteran portfolio manager, Bill Miller, is bullish about the flagship digital token, Bitcoin, and its standing as an insurance policy against economic meltdown.

The experienced investor revealed in a recent interview that Bitcoin is a real digital asset that can help the less-privileged populations worldwide. According to him, the leading cryptocurrency could provide financial coverage to less exposed people in different countries.

Meanwhile, over the past few weeks, the largest cryptocurrency has been hovering in the price range of $29,000 and $31,000.

Bill Miller Believes in Bitcoin

Despite. Bitcoin is trading below its all-time high, and the veteran investor is bullish about the prospect of Bitcoin and its applications. Additionally, the portfolio manager sees Bitcoin as the perfect insurance policy against economic woes.

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The emergence of the COVID-19 pandemic and its attendant financial implications led governments’ to print more money to keep the economy afloat. The lockdown contributed to massive job losses and enormous economic challenges for many who needed financial intervention.

However, things took another dimension. The war between Russia and Ukraine, the hike in interest rates, and high inflation shook the global economy.

Countries in Europe were at the receiving end of increased living costs as gas and energy prices soared. The disruption in the supply chain triggered Europe to slam export restrictions on Russia’s gas. It is worth noting that there is a difference between currency depreciation and high prices caused by disruption to has supply.

However, currency depreciation only affects the value of a country’s currency, leading to a price hike in products and services. Therefore, the focus here is on how currency depreciation affects purchasing power.

Bitcoin as a Measure Against Inflation

Following Europe’s strict economic sanctions slammed on Russia after it invaded Ukraine. A burden has been placed on many middle and low-income families as food and energy prices shot up.

Miller believes that the economic challenges the world is going through are due to the large amount of money printed over the past few years.

Additionally, the experienced investor noted that the problem arose when the Fed got involved in bailing out some entities. Moreover, Bitcoin was doing just fine before the Federal Reserve entered the system.

The Fed’s intervention came at a cost; Bitcoin’s stable price fluctuated. The token is unable to recover from the slump.

As a result, the portfolio manager suggests that Bitcoin would serve as an insurance policy against political decisions taken over the past years. Miller further added that Bitcoin could help unbanked people in different parts.

The use of Bitcoin to collect remittances from family members in El Salvador is a perfect example of Bitcoin’s case use. The over-reliance on a centralized payment system takes a large chunk of funds as commission.

However, using Bitcoin will provide people with a cheap and efficient means of receiving funds in countries like El Salvador.

Interestingly, traditional payment service providers would cope if everyone began to use the Bitcoin Lightning Network payment platform.

Deborah Brown

Deborah Brown

Deborah Brown is a skilled and experienced news writer recognized for her insightful reporting and captivating storytelling. With a dedication to accuracy and a knack for engaging readers, her articles provide a fresh and informed perspective on current events.

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