Why this Billionaire is Bullish on Cryptocurrency in Times of Trouble

Bitcoin

Billionaire investor Bill Miller explained in a recent interview why he sees the current crypto outlook as very positive for Bitcoin (BTC).

The founder and chief investment officer of Miller Value Partners likens Bitcoin to digital gold – referring to the world’s largest cryptocurrency by market cap as a store of value similar to that of the precious metal.

His recent stance on the crypto comes after Russian exposed funds were frozen by the U.S. and the European Union, a move that was intended to largely wipe out Moscow’s $630 billion foreign currency war chest. It is estimated that half of the Russia’s foreign reserves are held in countries which have imposed freezes on its assets. Miller said he sees this as a potential problem that countries will try to solve.

According to the seasoned billionaire investor, there’s a chance that Bitcoin could become the new reserve currency for countries in times of emergency. This, he notes, would allow them control over their valuable assets without fear of sanctions cutting them off from their foreign currency reserves.

Here’s a portion of what Miller said (via Bitcoin.com.)

“So I think if you are a country out there that has a non-reserve currency — there’re about a hundred of them — you might think about saying: ‘You know what, maybe we could have something else out there that other countries cannot harm us with, and is impervious to inflation or to being manufactured in greater quantities.”

It should be noted that Miller is heavily invested in Bitcoin. In fact, he is so bullish that his investments tied to the crypto now represent 50% of his personal assets. This might be another reason why the market-beating fund manager refers to other cryptos as only “adventure investments” when compared, as he puts it, to the uniqueness of BTC.

Price Action

BTC traded 2.13% lower at $39,450 at press time.

Reference: IP

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About Ron Haruni 1061 Articles
Ron Haruni is the Co-Founder & Editor in Chief of Wall Street Pit.

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