Bitcoin's (CRYPTO: BTC) utility as an alternative to fiat currencies has been in the spotlight during the Ukraine crisis.
Donations to Ukraine have been made in the digital currency, and people in the war-torn nation used it as an alternative to financial institutions.
Amid these developments, a hedge fund manager has had a change of heart and become a backer of Bitcoin.
What Happened: PIMCO founder Bill Gross, though believing cryptocurrencies are a bubble, said there are survivors, the Street.com reported Monday, citing a recent CNBC interview.
"I do think we need an alternative to the dollar as we've seen in the last week or two and that you know, there will be several survivors," Gross was quoted as having said.
The fund manager reportedly said he is invested to a "small extent in Bitcoin."
Related Link: Why This Analyst Thinks Bitcoin Is Unlikely To Be Challenged By Altcoins
Why It's Important: Gross has a mixed history with respect to his views on Bitcoin and other cryptocurrencies.
He said in a 2017 interview to Bloomberg that Bitcoin prices could go up due to its limited supply but that it can't be a "substitute for currencies or gold in times of economic distress."
In 2018, the hedge fund manager tweeted a quote from Hong Kong-based investor Jennifer Zhu Scott at the World Economic Forum in Davos that suggested Bitcoin isn't great as a currency and may not be a good payment mode. Zhu Scott, however, had said the apex currency is good as a reserve, just as with gold.
Bitcoin is up 1.29% over 24 hours, trading at $39,270.
Related Link: After Warning Of Crypto Seizure; Here's Where 'Rich Dad Poor Dad' Author Is Investing His Money
