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Billionaire and investor Bill Miller appreciated the potential of bitcoin as a safe-haven asset during periods of international military conflicts. He explained why Russia and other countries that do not have a non-reserve currency may well turn to bitcoin to fight inflation, which is beyond the control of a foreign government.
Russia has 16% of its 640 billion dollar reserves and 32% in euros. They have almost 50% of their reserves in currencies controlled by people who want to harm them.
From Russia’s point of view, this is not the best position. They have 22% of gold, and this is the only part of their reserves that other countries cannot control, Miller said.
A well-known investor who analyzed the price of bitcoin came to the conclusion that the current geopolitical situation around Russia is “very optimistic for bitcoin.”
If you are a country that has a non-reserve currency (there are about 100 of them), you will turn to something that other countries cannot harm you with, something that is immune to inflation and is produced in large volumes. In this regard, I think this is very optimistic for Bitcoin in particular.
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