In a recent investor podcast, legendary investor billmiller commented on Buffett and charliemunger's criticism of bitcoin When asked if he thought Buffett and Munger had prejudice or blind spots that made it difficult for them to understand bitcoin, Miller explained that there were "several".
"I think everyone has one blind spot or another, which makes them easy to make mistakes," he said.
"But one of the reasons must be that they are old and not used to new things. They are not the kind of people who will embrace new technologies and different ways of doing things."
Buffett, 91, recently said at the Berkshire shareholders' meeting that he would not buy all bitcoin in the world at a low price of $25 because it would not produce anything tangible. Therefore, it could not have any intrinsic value.
Miller said: "he said bitcoin is a non productive asset, so he can't value it. Good. If you think the only thing you can value is a productive asset, then no one will let you buy it, right? So ignore it," Miller said.
"The purpose of investment is not to have productive assets, but to make money," Miller said
More than 50% of Miller's personal portfolio is bitcoin. It seems that he doesn't care about the sharp decline of bitcoin in the past few months. The investor said he believed that bitcoin was an insurance policy against financial disaster.
Miller, as a fund manager of Legg Mason, has outperformed the S & P 500 index for 15 consecutive years, a record no one has broken so far. But after the outbreak of the financial crisis in 2008, his wealth shrank sharply and he nearly went bankrupt. But rely on Amazon (2302.93, 81.38, 3.66%) and the early investment of bitcoin, Miller successfully turned over and became a billionaire again.