Billionaire and Miller Value Partners founder Bill Miller spoke to CNBC on Wednesday about the prospect of cryptocurrencies amid the war between Russia and Ukraine. Bill Miller said that 16% of Russia’s $640 billion in reserves is in dollars and 32% in euros.
So almost 50% of their reserve currency is controlled by people who want to work against them. From a Russian point of view, this is not a good location. They own 22% of gold, the only part of their reserves that no other country can control.
So think, if you’re in a country that has a non-reserve currency, you might think, maybe we can have other assets that some countries can’t do us harm and are immune to inflation or mass production, so I think it’s Great news for Bitcoin.