Bill Miller the billionaire founder and Chief Investment Officer of investment entity Miller Value Partners, reportedly shared his view of Bitcoin (BTC) being the “insurance policy against financial catastrophe.”

Specifically, during his appearance on an episode of the “Richer, Wiser, Happier” podcast on May 24th, Miller reportedly thew his weight behind the prospect of cryptocurrency functioning as a measure for the ones caught in conflict, to still be able to tap into financial products. 

He reportedly referred to the collapse of financial infrastructure in Afghanistan following the US withdrawal in August last year as an instance.

“When the US pulled out of 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 anybody in the world if you have a phone.”

Miller further stated that instances of the way the crypto can operate as insurance need not “have to be all or nothing”, and also revealed the way Bitcoin performed throughout the early stages of the global health crisis, together with the corresponding reaction from the Federal Reserve.

“When the Fed stepped in and started gunning the money supply and bailing out, in essence, the mortgage rates […] Bitcoin functioned fine. There was no run on Bitcoin. The system functioned without the Fed and without any interference. Everybody got their Bitcoin, the price adjusted, and then when the Bitcoiners realized, ‘Wait, we’re going to have inflation down the road,’ Bitcoin went through the roof.”

Miller additionally reprimanded Warren Buffett’s recent criticizing attitude towards Bitcoin, with the billionaire investor made a well-known remark that “it doesn’t produce anything” and he “wouldn’t take” all the Bitcoin in the world for even $25.

“He’s said that Bitcoin is a non-productive asset and therefore he can’t value it. Fair enough. If the only thing that you think you can value are productive assets, then no one’s making you buy it, right? So ignore it.”