Bill Miller. Playback/Twitter.

Despite having sold a percentage of his bitcoin, Bill Miller continues to believe in the crypto asset’s merits.

Former chairman of Legg Mason Capital Management, Bill Miller, revealed that he sold net portions of his bitcoin total to satisfy margin calls. However, the billionaire remains a keen enthusiast and supporter of the currency, describing it as “insurance against financial catastrophe.”

Bill Miller is one of the most popular supporters of bitcoin, the American investor has further strengthened his position during the COVID-19 outbreak and the controversies over financial policies that many banking institutions have introduced with the pandemic.

At the beginning of this year, Miller Admitted To Investing 50% Of His Equity In BTC. He revealed that this was not his first purchase, but that it racked up the most value during the cryptocurrency crash last year, when bitcoin soared to $30,000.

In a recent interview with CNBC, Miller reaffirmed his position, saying he doesn’t understand investors who don’t diversify their portfolios with the main cryptocurrency available. Furthermore, he claims not to be concerned about the market’s continued decline, stating that it “has experienced at least three declines of more than 80%.”

This is not the first time that Bill Miller has publicly taken a stand in favor of bitcoin. Previously, Miller had responded to criticisms of Warren Buffett, the Oracle of Omaha, defending the asset’s intrinsic value.

In the billionaire’s eyes, the asset remains the right investment tool as it has always managed to overcome its price drops. Miller further claims that he doesn’t know of “any good enough argument” that would justify not putting “at least 1% of his net worth in bitcoin.”

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