Bill Miller called bitcoin an insurance policy against financial disaster

Cryptocurrency exchange Binance bought a stake in the U.S. edition of Forbes for $200 million, reports CNBC. According to sources, the resultBinance will become one of the largest shareholders of the publication.

Binance invested $200 million in exchange for an undisclosed prelu. The deal will help Forbes finalize preparations to go public via SPAC in the first quarter of 2022. It will trade under the ticker FRBS.

According to sources, the Binance investment will be part of the $400 million that Forbes owesand was attracted from frequent investors. As a result, the crypto-exchange will become one of the largest shareholders of the.Legendary billionaire investor and founder of Miller Value Partners Bill Miller in an interview with CNBC called bitcoin an insurance policy against financial disaster and said that he still keeps a significant portion of personal funds in the first cryptocurrency.

"Bitcoin is insurance against financial disasters like the one we saw in Lebanonor Afghanistan, or many other countries where this was observed during the pandemic," he said.

Miller said the thesis that bitcoin has no intrinsic value is flawed. He compared the digital asset to collectibles like baseball cards and Picasso paintings.

"It's like an insuranceolis. Insurance policies have no intrinsic value. In fact, you want them to have no intrinsic value. You don't want your house to burn down and you don't want to get into a terrible accident, but you pay for insurance every year in case that happens," the billionaire said.

Miller also noted that the media is incorrect interpreted the words he said during a January interview with WEALTHTRACK. At the time, it was reported that the billionaire had invested half of his personal fortune in bitcoin and other cryptocurrencies.

He explained that he invested only a few percent of his fortune in digital assets, which then, as the cryptocurrency market grew, pThe first time I was in the city, it was half of his personal funds.

"Now this amount is less because the price has fallen by half since November. But it's still a very big position," Miller added.

Recall, in November 2021, the billionaire called bitcoin digital gold and compared his bet on it to buying Amazon stock during the collapse of the dotcom bubble.

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