Billionaire Investor Says Crypto Outlook Is ‘Very Bullish’ For Bitcoin
Billionaire Bill Miller, a seasoned billionaire investor, explains why he believes 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 “adventurous investments” because they lack the uniqueness of Bitcoin, he said.
Miller, fund manager, emphasized that nearly half of Russia’s reserves are held in currencies controlled by individuals seeking to harm them.
Miller, co-founder of Miller Value Partners, spoke about the future of crypto in light of Russia’s ongoing invasion of Ukraine.
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Crypto Outlook Beneficial for Stakeholders
“The rest of crypto is a different story,” he said. The rest of the cryptos could be called “adventure investments” as he believes they are all trying to tackle different challenges.
The renowned value investor has long been a supporter of bitcoin. Last month, he revealed he had “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 weighs in because of his vast business experience.
BTC total market cap at $740.14 billion in daily chart | Source: TradingView.com
Russian sanctions good for Bitcoin?
Russia has 16% of its $640 billion in dollar reserves, with 32% of assets in euros.
According to Miller, they have 22% of their reserves in gold, the one asset that other countries can’t grab. He said:
“I believe this is very bullish for bitcoin.”
Several countries have hit Russia with various sanctions since it attacked Ukraine.
As a result, the Russian currency and the share prices of Russian companies listed on foreign exchanges have fallen rapidly.
The President of the European Commission, Ursula von der Leyen, did not mince words last week:
“We will paralyze the assets of the Russian central bank”,
This announcement is expected to have the effect of suspending operations and effectively depriving the central bank of its assets.
War propels Bitcoin up: CEO of Devere
Meanwhile, Devere Group CEO Nigel Green also shares the same level of optimism and has forecast that bitcoin’s price will reach $50,000 by the end of this month if the current outlook for the crypto is the benchmark.
Bitcoin is now trading at $39.07. Green believes that the dollar’s position as a global reserve currency could be threatened if viable and practical alternatives, such as cryptocurrency, emerge.
Related article | Bitcoin falters after Putin’s nuclear deterrent warning
He said the conflict between Russia and Ukraine has prompted people, businesses 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 thinks it will rise much higher in the rankings in the coming months.
“Smart investors recognize this and will increase their exposure to cryptocurrencies before prices rise further.”
The Devere boss believes geopolitical tensions and institutional investors are driving the price of the (still) most sought-after cryptocurrency in the world.
Featured image from Bitcoin News, chart from TradingView.com