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As Russia intensifies its battle to take control of Ukraine, Bitcoin on Wednesday soared to $44,000, pushing the total cryptocurrency market cap to cross $2 trillion. Bitcoin has a market cap of approximately $835 billion while the ruble has a market cap of around $626 billion.
Miller said the notion that bitcoin holds no intrinsic value is correct, and he compared it to high-value collectibles like a Picasso painting.
Friday's 11 per cent-plus was the biggest single-day gain for bitcoin since mid-June.
The largest cryptocurrency was trading down 8.8% at $33,058, its lowest since July 23, taking losses from its all-time high of $69,000 hit in November past 50%.
Bitcoin, the world's biggest and best-known cryptocurrency, is now about half its $69,000 peak in November.