Veteran investor Bill Miller, also known for his pro-crypto statements, thinks that Bitcoin still has a very important position and insurance against financial disaster.

Bill Miller, who praised Bitcoin in a recent interview with CNBC, said that even though it was trading 36% below the record level, Bitcoin still maintains its strong position.

Commenting on KPMG Canada's addition of Bitcoin and Ethereum to its balance sheet as a major bullish move, Miller said, "I think you're going to see a lot of crypto buying from foundations, endowments and institutions this year, and that will continue." said.

Bill Miller

Miller, Chairman and Chief Investment Officer of Value Partners, continued:

   “Insurance policies have no intrinsic value. You actually want them to have no intrinsic value. You don't want your house to be burned to the ground or suffer a terrible accident, but if that happens you have to pay for insurance every year. Just like in Lebanon or Afghanistan or the pandemic. It's insurance against financial disaster, as we've seen in many of the other countries we've seen at the time."

Miller also said that his promises in an interview in January were misunderstood as investing half of his personal wealth in Bitcoin and other cryptocurrencies. He explained that he invested only a few percent of his net worth in Bitcoin, but then as the price rose, his Bitcoin investment became half of his total wealth.

Bitcoin Price and Market Data

Bitcoin is being traded at $45,028.13 at the time of writing. Also, the 24-hour trading volume of BTC is $26,930,573,695. The price has increased by 2.2% in the last 24 hours. While there is a supply of 19 million BTC coins in circulation, there is a total supply of 21 million coins. FTX is currently the most active market for Bitcoin (BTC) trading.