As we all are aware about the Russia and Ukraine war in recent days, many people are suffering a lot in the crash. Some are losing their lives as well. A very pathetic situation is evolving around making all our hearts burdened as the affected people are from different parts of the world.
However when the whole world is talking about the crisis, the billionaire investor, Bill Miller reveals an attractive statement. Due to the war, the Russian ruble crashes, spiking the price of Bitcoin (BTC) in the marketplace.
BTC to Spike in Russia
Pointing out the current terrific situation, prominent countries like the US,UK, Germany and many others have declined their financial tie-ups with Russia. Moreover, many Russian banks were also removed from the important SWIFT payment system. Thus,it is difficult for Russia to overcome these sanctions turning to crypto assets.
Thus, marking these cut-offs, Russian people were unable to protect their savings and were finding some useful solutions. Surprisingly, the crypto market remains active, where the trading volume for Bitcoin is trending upward reaching record levels.
In addition, the founder of Miller Value Partners, Bill Miller shares,
“Russian economic reports maintain 16% of its reserves in dollars and 32% in Euros. Moreso, the solid 50% is in currencies, under the control of people who want to harm them. Notably, they have 22% in gold which cannot be controlled by other countries.”
Significantly, pointing out all these reserves, there is a bullish signal for “Bitcoin” the top-most cryptocurrency in the world, he adds. Interestingly, as grabbing the attention to buy and invest in BTC, Millers also passes a comment on the altcoins. In a smart way, Miller shares that the investors community must consider altcoins as venture assets as they are different from the underlying cryptocurrencies.
According to CoinMarketCap, the price value of Bitcoin is $40,298.78. Currently performing in the red margin facing a downtrend of 4.96% in the last 24 hours.