Bill Miller, a seasoned billionaire investor, explains why he thinks the current crypto outlook is very positive for Bitcoin.
Miller compares Bitcoin to digital gold when it comes to the digital currency. Other cryptos are simply “venture investments” as they lack the uniqueness of Bitcoin, he said.
Fund manager Miller noted that nearly half of Russia’s reserves are held in currencies controlled by people seeking to harm them.
Miller, co-founder of Miller Value Partners, spoke about the future of cryptocurrencies in the face of the ongoing Russian invasion of Ukraine.
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Stakeholder-Friendly Crypto Outlook
“The rest of cryptocurrencies is a different story,” he said. The rest of the cryptocurrencies could be called “venture investments” as he believes they all try to tackle different challenges.
The renowned value investor has been a long-term proponent of bitcoin. Last month, he revealed that he held a “substantial” amount of bitcoin and compared it to digital gold as a hedge against inflation.
He also referred to the current crypto outlook and Bitcoin as “insurance against financial disaster.”
Miller’s in-depth knowledge of investing and the stock market carries weight with his vast business experience.
Total BTC Market Cap at $740.14 Billion on the Daily Chart | Source: TradingView.com
Are Russian sanctions good for Bitcoin?
Russia holds 16% of its $640 billion in reserves in dollars, with 32% of assets denominated in euros.
According to Miller, they have 22% of their reserves in gold, which is the only component that other nations cannot seize. He said:
“I think this is very bullish for Bitcoin.”
Several nations have slapped Russia with all kinds of sanctions since it attacked Ukraine.
As a result, the Russian currency and the share prices of Russian companies listed on foreign exchange exchanges have plummeted.
The President of the European Union Commission, Ursula von der Leyen, did not mince words last week:
“We will paralyze the assets of the central bank of Russia.”
This announcement is expected to result in the suspension of transactions and, in effect, make it impossible for the central bank to dispose of its assets.
War Drives Bitcoin: Devere CEO
Meanwhile, Devere Group CEO Nigel Green also shares the same level of optimism and has predicted that the price of bitcoin will reach $50,000 by the end of this month if the current outlook for cryptocurrencies is taken as an indicator.
Bitcoin is now trading at $39,007. Green believes that the dollar’s position as the world’s reserve currency could be threatened if viable and practical alternatives such as cryptocurrencies emerge.
Related Article | Bitcoin Wobbles After Putin’s Nuclear Deterrence Alert Warning
He said the conflict between Russia and Ukraine has prompted individuals, corporations and government agencies around the world to explore “alternatives to traditional systems” in response to the war.
According to Green, Bitcoin is now the 14th most valuable currency in the world and he believes it will move much higher up the rankings in the coming months.
He said:
“Smart investors recognize this and will increase their exposure to cryptocurrencies before prices go even higher.”
Devere’s boss believes that geopolitical tensions and institutional investors are driving the price of the world’s (still) most sought-after cryptocurrency.
Featured image from Bitcoin News, chart from TradingView.com
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