William H. Miller III is an American investor, fund manager, and self-proclaimed bitcoin bull. He is the founder, owner, and Chief Investment Officer of Miller Value Partners, a firm that holds the record for beating the S&P 500 for 15 consecutive years (1991-1995).
Miller appeared in a December 2021 interview with Wealthtrack to discuss his adoption of Bitcoin, which is now half of his personal portfolio.
He was first convinced of Bitcoin's use case when he listened to a lecture by Wences Cesares, founder and chairman of Xapo Bank, who was credited for introducing Bitcoin to Silicon Valley.
Cesares pointed out that while Americans are used to the rule of law and a government that respects the property rights of its citizens, there are many nations where that is not the case.
Miller recalls the speech that won him over.
"He said that, 'I'm from Argentina, and my family has been there for one hundred and fifty years, and we've been wiped out four separate times by the Argentinian government. Seizing our assets, nationalizing the banks, inflating us out with hyperinflation. Bitcoin can't be touched by the government. It's a peer-to-peer decentralized independent network. It's a ledger that records every transaction that's public. It's immutable. If you have bitcoin, the government can't take it away from you" if properly stored.
Miller also describes Bitcoin's other valuable characteristics, such as how its supply remains the same no matter how much demand there is for the asset.
"Bitcoin is the only economic entity where supply is unaffected by demand."
"When we pulled out of Afghanistan, Western Union stopped remittances. So, if you couldn't get money, you were in serious trouble. In Lebanon, the Lira has completely collapsed. Venezuela is a failed state, and yet bitcoin continues right along. That was your insurance policy against financial catastrophe at one sort or another."
Watch the full interview here:
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