Ukraine Crisis Is 'Very Bullish' For Bitcoin: Billionaire Bill Miller

Billionaire Bill Miller has said that the Russia Ukraine crisis is "very bullish" for Bitcoin as the top coin is an asset for Russia that is not controlled by other countries.

Speaking at CNBC Squawk Box Wednesday, Miller mentioned that Russia has almost 50% of its reserves in foreign currencies controlled by the United States and Europe. Like gold, the Russian government is looking for assets that can be controlled by them and are very "impervious" to inflation, he said.

"They (Russia) have almost 50% of their reserves in currencies that are controlled by people who want to do them harm...they have 22% in gold that is the only part of their reserve that other countries can't control."

Hence, he said, "Bitcoin is very bullish for Russia as it is very unique. The rest of crypto is different. I think Bitcoin is unique, and the rest of crypto should be considered venture investments,” Miller said.

Bitcoin was trading at $43,366.41 as of 12.49 a.m. ET, over 25% higher compared to the last week, CoinMarketCap data showed.

Bitcoin adoption in Russia is speculated to be used by the authorities to evade the sanctions imposed on the country by the US government.

Miller, a former chairman of Legg Mason Capital Management Value Trust, has time and again voiced support for Bitcoin.

"Bitcoin is insurance against financial catastrophe as we see in Lebanon, or in Afghanistan, or many of these other countries where we saw (that) around the time of the pandemic," Miller said in another interview to CNBC in February.