Billionaire investor Bill Miller, founder and chairman of investment firm Miller Value Partners, has suggested that the current collapse of Russia’s fiat currency, the ruble, is “very bullish for bitcoin” as the flagship cryptocurrency’s value is determined by global supply and demand and could see other countries decide to use it as a reserve asset.

Speaking to CNBC Miller, who serves as the portfolio manager for Miller Value Partners’ mutual funds “Opportunity Equity” and “Income Strategy,” noted that Russia right now has 16% of its $640 billion of reserves in U.S. dollars and 32% in euros, meaning almost 50% of their reserves “are controlled by people who want to do them harm.”

Last week, Russian President Vladimir Putin announced a “special military operation” in Ukraine that turned out to be a full-scale invasion of the country. The move prompted a response from western leaders that involved economic sanctions.

These sanctions saw Russia’s fiat currency, the ruble, plunge to a record low after losing more than 30% of its value against the dollar, while its MOEX index plunged up to 40% before trading on Moscow’s stock exchange was halted. Shares of Russia’s largest lender, Sberbank, collapsed 95% on the London stock exchange amid “abnormal cash outflows.”

Miller added that from Russia’s point of view they’re not in a great position, as the 22% of their reserves in gold are the “only part of their reserves which other countries can’t control.” The legendary investor added that other countries with a non-reserve currency, which he estimates to be “about a hundred” might now be considering holding something in their reserves that other countries cannot use against them and cannot be affected by inflation. He added:

So I think it’s very bullish for bitcoin particularly.

The investor added that the resto f the cryptocurrency market differs from BTC, as the “rest of cryptos should be considered as adventure investments because they all try to solve other problems.”

Miller has notably been a BTC bull for some time now. In October 2021, he backed bitcoin but was less bullish on the survival of altcoins. The investor has said that bitcoin is “insurance against financial catastrophe.”

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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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