Billionaire and fund manager Bill Miller commented on his cryptocurrency holdings during an interview with CNBC last week, noting that bitcoin is insurance against financial catastrophe. Miller, who holds “a very big position” in bitcoin, expects institutions, particularly endowments and foundations, to largely adopt bitcoin this year.

Miller also commented on his remark in January regarding bitcoin being half of his net worth, which was misinterpreted by the media. He clarified that he bought bitcoin a long time ago, investing just a few percent of his net worth into it, but as the value of the cryptocurrency rose during these years, it became around half of his total fortune. However, Miller noted that currently bitcoin doesn’t constitute half of his net worth as the prices have fallen significantly in recent months.