Bill Miller stated that the only reserve asset that Russia controls is gold, and that the country may soon turn to Bitcoin.
Famous billionaire Bill Miller believes that the financial sanctions imposed on Russia will cause the value of Bitcoin to increase. Miller pointed out that gold is the country’s only reserve asset.
Ruble Falls Bitcoin Rises
The military action in Ukraine deeply shook the financial sector. NATO and the EU have declared an economic war on the Kremlin. Many western states, especially the USA and England, cut off economic ties with Russia and Russian banks were pushed out of the SWIFT system.
As a result of these sanctions, the ruble lost more than 25% in value and Russian citizens turned to alternative assets to protect their savings. Bitcoin volume of Russian users has risen to record highs.
Bill Miller, in an interview with CNBC, underlined that Russia holds 16% of its reserves in dollars and 32% in euros. Emphasizing that these assets are managed by “those who want to harm them”, Miller said that the only asset that other nations cannot control is gold. These metrics are therefore bullish for Bitcoin.
Miller also pointed out the limited supply of Bitcoin, saying that the asset has a hedge against inflation.
Bill Miller, although a Bitcoin skeptic in the past, has recently turned into a prominent supporter of the crypto asset.
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