Bill Miller, a seasoned billionaire investor, explains why he believes Bitcoin’s current crypto outlook is quite optimistic. When it comes to digital currency, Miller compares Bitcoin to digital gold.
The well-known value investor has long been a supporter of bitcoin. He announced last month that he had “a significant” amount of bitcoin and likened it to digital gold as a hedge against inflation. He also said that bitcoin and other cryptos are “insurance against financial disaster.”
Russia has 16 percent of its USD 640 billion in reserves in dollars, with the remaining 32 percent in euros. According to Miller, 22 percent of their holdings are in gold, which is the only component that other countries cannot seize. Since Russia’s invasion of Ukraine, other countries have imposed a variety of sanctions. As a result, the Russian ruble and stock values of Russian companies listed on overseas markets have collapsed.
Meanwhile, Nigel Green, CEO of Devere Group, shares the same level of optimism and predicts that bitcoin’s price will hit USD 50,000 by the end of this month if the current outlook for the cryptocurrency is to be used as a guide.
Bitcoin is now worth USD 39,007. Green thinks that if viable and practical alternatives, like cryptocurrencies, emerge, the dollar’s role as a global reserve currency could be in danger.