US billionaire Bill Millerthe ongoing tension between Russia and Ukraine. leading cryptocurrency Bitcoin (BTC) He said it meant ascension.
CNBC’s Squawk Box Participating in the program, Miller said that Russia, which is facing the economic sanctions of many countries, bitcoin He argued that he could look for an alternative such as the world’s largest cryptocurrency and that this means a rise for the world’s largest cryptocurrency.
“Rise For Bitcoin!”
The American investor believes that nations that do not have a reserve currency, such as Russia and Russia, are trying to fight inflation without being under the control of foreign governments. to bitcoin explained that they can apply and the reasons:
“Russia holds 16 percent of its 640 billion dollar reserves in dollars and 32 percent in euros.
Almost 50% of their reserves are in currencies controlled by people who want to harm them. This is not a great position for Russia to want to be in.
22% of Russia’s reserves are below. In this context, this is the only part of its reserves that other countries cannot control.”
Commenting on the price of Bitcoin, which has risen after Russia’s invasion of Ukraine, Bill Miller said that he believes the current geopolitical situation in Russia will be “a tremendous rise for Bitcoin.”
“If you are a country with a non-reserve currency, you can consider another alternative where other countries cannot harm you and are not affected by inflation.
That’s why I think the situation is bullish, especially for Bitcoin.”
After the ruble fell to its lowest level in history against the US dollar this week Russian central bank It more than doubled interest rates from 9.5% to 20%.
Currently, according to CoinMarketCap data bitcoincontinues to trade at $ 43,488 with an increase of 22.37% in the last week.
“They have almost 50% of their reserves in currencies that are controlled by people who want to do them harm…they have 22% in gold that is the only part of their reserve that other countries can’t control,” says Bill Miller on Russia. “It’s very bullish for #bitcoins” pic.twitter.com/zWihekfeyk
— Squawk Box (@SquawkCNBC) March 2, 2022
*Not investment advice.