Value investor and dollar billionaire Bill Miller has made himself known as a proponent of Bitcoin.
Now he is speculating about what the war in Ukraine could mean for the cryptocurrency’s future price development, reports Bitcoin.com.
“Not a good position to be in”
It is in an interview that was broadcast on Wednesday on the American television channel CNBC that Bill Miller comments on the issue.
The billionaire first highlights the fact that Russia has large parts of its reserves in foreign currencies.
If you look at Russia right now, they have 16 percent of their reserves of 640 billion dollars in dollars. They have 32 percent in euros. So they have almost 50 percent of their reserves in currencies controlled by people who want to harm them, he says and continues:
From Russia’s point of view, it is not a good position to be in. They have 22 percent in gold and it is the only part of their reserves that other countries can not control.
“Very ‘bullish’ for Bitcoin”
Miller then develops how this can have a positive impact on the Bitcoin price.
So I think that if you are a country that does not have your own currency as a reserve currency – there are about a hundred such countries – you might say: “You know what, there may be a currency that other countries can not hurt us with and which moreover, is impervious to inflation. ” I think this will be very “bullish” for Bitcoin, he says in the interview, according to Bitcoin.com.