Bill Miller, a billionaire, shares his current crypto outlook: "It's very bullish for Bitcoin."

Bill Miller's Crypto Outlook - "It's Very Bullish For Bitcoin"

In an interview with CNBC Wednesday, Bill Miller, a well-known value investor, discussed the future of crypto in light of Ukraine's war. Miller Value Partners was founded by him and he currently serves as the chief investment officer and chairman. He oversees the firm's Opportunity Equity and Income Strategy fund. He co-founded Legg Mason Capital Management before Miller Value Partners.

A growing number of countries have placed sanctions on Russia after its invasion of Ukraine. The Russian ruble has plummeted and stocks of Russian companies that are listed overseas to. Ursula von der Leyen, President of the European Commission, stated last week that "we will paralyze Russia's assets. It will also freeze all transactions. It will also make it difficult for the central bank's assets to be liquidated."

Miller stated that Russia currently has 16% of its $640 billion in dollar reserves. They also have 32% euros. They have 32% in euros.

Russia sees this as a bad situation. Russia has 22% of its gold reserves, and this is the only part that other countries cannot control.

He said:

It's a bullish sign for bitcoin in particular.

Miller then spoke about other cryptocurrency. He added that "The rest is crypto is different." "I believe bitcoin is unique and all cryptos should be considered adventure investments, as they all attempt to solve other problems."

For a long time, the famous value investor has been a bitcoin bear. He stated that he had a large bitcoin position in February and compared the crypto to digital money as a hedge against inflation. He also called BTC "insurance against financial disaster."