Bill Miller calls collapse of the Russian rouble a ‘bullish signal’ for Bitcoin

The sanctions imposed by the international community against Russia could trigger a rapid rise in Bitcoin’s price. Legendary investor and founder of Miller Value Partners Bill Miller said so in a CNBC interview.

“They have almost 50% of their reserves in currencies that are controlled by people who want to do them harm…they have 22% in gold that is the only part of their reserve that other countries can’t control,” says Bill Miller on Russia. “It’s very bullish for #bitcoin.” pic.twitter.com/zWihekfeyk

— Squawk Box (@SquawkCNBC) March 2, 2022

“Russia keeps 16% of its reserves, valued at about $640 billion, in dollars, 32% in euros. Almost 50% of its reserves are held in currencies controlled by people who want to harm it. From Russia’s point of view, this is not the best position,” Miller noted.

The billionaire described the geopolitical situation as “unique” and stressed that this is an “extremely bullish signal” for Bitcoin. He explained that the Russian government could attempt to use digital gold as a reserve currency.

Earlier, Jack Chervinsky, a lawyer specializing in the digital asset market, explained why cryptocurrencies will not help Russia circumvent U.S. sanctions.

In the last 24 hours, Bitcoin fell by 4%, according to CoinGecko. At the time of writing, the asset was trading near $42,550.

As Bloomberg reported, the administration of U.S. President Joe Biden urged cryptocurrency exchanges to obstruct sanctions evasion by Russia.