The founder and chief investment officer of Miller Value Partners likens Bitcoin (BTC) to digital gold. According to Miller, BTC acts as a store of value. The executive's comments came after the US and EU announced that prominent Russian oligarchs were freezing their assets and imposing large-scale sanctions on the country.
Miller said he sees this as a potential problem that countries will try to solve. According to the seasoned billionaire investor, Bitcoin (BTC) has a chance to become the new reserve currency for countries in emergencies. The famous entrepreneur states that Bitcoin will allow individuals and countries to control their assets without fear of sanctions that cut their foreign currency reserves.
While many countries, especially the USA, impose sanctions on Russia and Russian businessmen, according to experts, Bitcoin and cryptocurrencies can reduce the effect of the sanctions imposed by the West.
Russian billionaires can circumvent sanctions thanks to cryptocurrencies. The United States began to impose harsh sanctions against Russia, which began invading Ukraine. He also stressed that the European Union will impose large-scale and targeted sanctions. Despite these concrete steps to weaken the Russian economy, these sanctions may not be very effective for a country like Russia, which already uses cryptocurrencies widely. As in the case of Iran, countries that have been sanctioned generally try to circumvent these sanctions in various ways. Miller invests heavily in Bitcoin (BTC). BTC represents 50 percent of his personal assets.
“Neither dictators nor human rights defenders face any censorship on the Bitcoin network,” Matthew Siger, head of digital asset research at investment management firm VanEck, said in a statement. used the phrases.
According to experts, Russian billionaires can avoid the harsh sanctions that would be imposed by the US and the European Union if they use cryptocurrencies. With the disappearance of banks and institutions that impose sanctions on the country, thanks to crypto money technology, Russian billionaires can also invest outside of Russia.
However, experts stated that centralized exchanges can detect Russia-based transactions by tracking transactions on the Blockchain network. None of the Russian billionaires on the sanction list have yet openly stated that they own cryptocurrencies. According to research, 12 percent of Russian citizens declared that they own cryptocurrencies.