Bitcoin: this billionaire encourages buying crypto to protect yourself from a financial crash

An American billionaire recommends buying Bitcoin. According to him, cryptocurrency can serve as insurance in the event of a financial crash.

Bitcoin continues to fall. Last week, the price of the cryptocurrency slipped below the $30,000 threshold, a first since last year. The panic caused by the crash of UST, the algorithmic stablecoin issued on the Terra blockchain, has plagued the entire cryptocurrency market. Despite the Luna recovery plan decreed by Terra, most altcoins continue to bleed.

In this bearish context, analysts believe that the price of Bitcoin should fall below the $20,000 mark in the near future. Many voices are also raised to criticize the queen of cryptocurrencies. Christine Lagarde, President of the European Central Bank, thus assured that cryptocurrencies did not have the slightest value. Same opinion on the side of Bill Gates, founder of Microsoft.

BITCOIN IS INSURANCE FOR BILL MILLER :

Despite the decline, many investors continue to believe in the future of cryptocurrency. This is particularly the case of Bill Miller, a famous investor and fund manager. The man built his fortune by founding the investment company Miller Value Partners.

According to him, Bitcoin is a bulwark against financial crashes. “When the United States withdrew from Afghanistan, Western Union stopped sending remittances there or taking them from Afghanistan, but if you had bitcoin, you were fine. Your Bitcoin is there. You can send it to anyone in the world if you have a phone,” says Bill Miller.

Cryptocurrency is also widely used in countries that have imposed banking restrictions on their citizens. During the Russian invasion, the Ukrainians also turned massively to cryptocurrencies following the measures of the central bank of Ukraine. The organization decided to limit bank withdrawals throughout the country in order to prevent the flight of capital.

“It’s an insurance policy, the way I see it,” says the billionaire, who recalls that Bitcoin works without intervention from central banks or governments. The investor takes the opportunity to poke fun at Mike Novogratz, a trader who had the logo of Luna, the cryptocurrency that recently crashed, tattooed on his arm: “Maybe you should have had a Bitcoin on the arm, it would be a little more durable than that one”.

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