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Billionaire investor Bill Miller, founder and chairman of investment firm Miller Value Partners, has suggested that the current collapse of Russia's fiat currency, the ruble, is "very bullish for bitcoin" because the value of the flagship cryptocurrency is determined by global supply and demand and may lead to other countries using it as a reserve asset.

According to CNBC Miller, portfolio manager for Miller Value Partners' mutual funds "Opportunity Equity" and "Income Strategy," noted that Russia currently has 16 percent of its $640 billion in reserves in US dollars and 32 percent in euros, implying that nearly half of their reserves are "controlled by people who want to do them harm."

Last week, Russian President Vladimir Putin announced a "special military operation" in Ukraine, which turned out to be a full-fledged invasion. Western leaders reacted with economic sanctions in response to the move.

Russia's fiat currency, the ruble, fell to a record low after losing more than 30% of its value against the dollar, while its MOEX index fell up to 40% before trading on Moscow's stock exchange was halted. Shares of Russia's largest lender, Sberbank, fell 95% on the London Stock Exchange due to "abnormal cash outflows."

According to Miller, Russia is not in a good position because the 22 percent of its reserves in gold are the "only part of their reserves that other countries can't control." The legendary investor went on to say that other countries with non-reserve currencies, which he estimates to be "about a hundred," may now be thinking about holding something in their reserves that other countries cannot use against them and is not affected by inflation. He continued, saying:

As a result, I believe it is very bullish for bitcoin in particular.

The rest of the cryptocurrency market, according to the investor, differs from BTC because "the rest of cryptos should be considered adventure investments because they all try to solve other problems."

Miller has been a BTC bull for quite some time. In October 2021, he supported bitcoin but was less optimistic about the survival of alt coins. According to the investor, bitcoin is "insurance against financial catastrophe." 

DISCLAIMER

The author's or anyone else's views or opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading in crypto assets carries a financial risk.

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