Billionaire investor Bill Miller said the depreciation of the ruble was “bullish” for Bitcoin (BTC) as countries imposed sanctions on the Russian economy following the start of the Ukraine invasion.
CNBCof March 2 dated Squawk Box program of Bitcoin in times of international crisis. as a safe harbor US investor considering the potential to serve Miller, Russiaof and nations that do not have a reserve currency to fight inflation without the control of foreign states why you can apply for bitcoin explained.
Russia holds 16% of its 640 billion reserves in dollars and 32% in euros. Almost 50% of its reserves are in currencies controlled by people who want to harm their economy. From Russia’s point of view, this is not a situation you want to be in. Russia has only 22% of its gold reserves, and this is the only part of its reserves not controlled by other countries.
Miller also analyzed the Bitcoin price in his speech. Believing that the current geopolitical situation surrounding Russia is “positive for Bitcoin,” Miller also described it as “unique.”
If you are a country with a non-reserve currency, you may consider something else that is not affected by inflation, that other countries cannot harm you. That’s why I think the situation is “bullish” especially for Bitcoin.
Rubleafter the start of the invasion of Ukraine dollar against lowest levels in history while living Ruble-Bitcoin If the trading volumes to the highest levels of the last 9 months. reached. Ukrainian hryvnia volume is severely affected. record levels he saw.
The Central Bank of Russia has recently started to take a series of steps to prevent the depreciation of the ruble.
The Central Bank of Russia Takes Steps to Prevent the Depreciation of the Ruble, which is at its lowest levels in history against the Dollar
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