• Mon. Dec 4th, 2023

Through Harsh Times Bitcoin is Being Backed and Supported by Billionaires



May 27, 2022

If you are familiar with the trading business, you should understand how it works. The first rule of the online trading sector is that the rich get to benefit from it the most. At the very end come common investors like you and me with small-time investors.

There has always been an argument about the rich taking the bigger piece of the pie. However, it is also true that it is because of huge acquisitions and sellouts of an asset that trigger strong and weak trends.

Therefore, the role of the billionaires and their billion-dollar companies cannot be ignored. As they have a higher stake in an asset, subsequently, they generate higher gains if things go in their favor.

This is the reason why a single statement from a billionaire with a strong influence can change the trends of markets. One of the most common examples is Elon Musk who has been responsible for playing a key role in increasing the price of DOGE and SHIB since 2021.

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The Billionaire Support that Bitcoin Needed

Just when Bitcoin seems to be facing the worst time since late 2020, many people have backed it with their strong sentiments and support for the digital asset.

One such personality is Bill Miller whose comments are now being considered truly remarkable and supportive of Bitcoin. Bill Miller is a billionaire who reportedly found Miller Value Partners, which is an investment firm. He is also the CIO (Chief Investment Officer) at the same firm that he owns.

Bitcoin Supporting Comments by Bill Miller

During a podcast interview at “Richer, Wiser, Happier, Bill Miller shared his thoughts surrounding Bitcoin. He revealed that as per his knowledge and experience, Bitcoin is currently one of the best insurance policies.

Miller clarified that during the harsh economic and financial situation, Bitcoin is a light of hope for investors and commoners alike. It would prove to be a strong insurance policy that the people need to fight off the financial crisis.

He stated that the best example of such a scenario where Bitcoin would be the best choice to adopt against currency is Afghanistan.

The 20-year war in Afghanistan has left the entire country devastated. The financial situation of the country is currently facing a huge disaster. This is when Bitcoin can prove to be a strong retriever of the lost economic strength in the country.

Bill Miller Revealed his Own Investments in Bitcoin

When asked about investing in Bitcoin, Miller revealed 40% of his investment funds are invested in Amazon stocks. He has invested the same amount in Bitcoin, suggesting another 40% of his investment funds.

The trading price of Bitcoin at the moment is $28,822.46 and it has experienced a 0.36% dip in the past 24-hours. As billionaires like Bill Miller, Elon Musk, Mark Cuba, and Michael J. Saylor continue supporting Bitcoin, it will help it regain its old worth.


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