Miller argues that the flagship crypto asset is still highly undervalued and predicts major changes in global capital governance.
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Billionaire investor Bill Miller IV, Chairman and CIO of Miller Value Partners, reiterated his firm belief in Bitcoin in a June 11 blog post titled “Why I'm Still Betting on Bitcoin.”
Despite Bitcoin’s significant gains against fiat currencies, Miller argues that the flagship cryptocurrency is still “undervalued” and predicts a major shift in global capital governance.
According to Miller:
“Bitcoin's promise is simple – namely, that changes in one's purchasing power should not be controlled by an authority tied to the circumstances of one's birth.”
Bitcoin was trading just above $67,000 at press time, down 5% over the past 24 hours, according to CryptoSlate data.
Superior alternative
Miller’s conviction stems from Bitcoin’s unique technological attributes, particularly its decentralized governance and transparent global ledger. He argues that traditional monetary systems, influenced by human judgment and political manipulation, are fundamentally flawed.
Miller argues that Bitcoin offers a superior alternative as a secure, immutable, and automated system. He added:
“Money is essentially a system of accountability, and Bitcoin represents a breakthrough in ensuring accountability through technology, rather than human intervention.”
He also highlighted Bitcoin's ability to transfer property rights across space and time without human permission or the possibility of confiscation as its key feature.
Miller draws parallels to other revolutionary technologies, such as NVIDIA, Google, and Meta, highlighting the technology's initial low valuation and subsequent market dominance.
He believes that Bitcoin's true intrinsic value far exceeds its current market cap of $1.5 trillion, given its potential to redefine global capital markets.
According to the billionaire:
“Bitcoin’s market cap is still only a small fraction of the world’s addressable capital markets, despite its blockchain’s superior security and accountability.”
Central player
Miller further stated that Bitcoin is in the process of becoming a central player in the evolving landscape of capital and monetary systems, a shift he believes is still in its early stages.
Reflecting on Bitcoin’s nature as a digital token, Miller highlighted its independence from physical form and centralized authority. He acknowledged the inherent risks and uncertainties, but maintained that its potential rewards justify continued investment and interest.
Bill Miller IV has been a long-time Bitcoin proponent, having hoarded the token for more than a decade. His latest comments reaffirm his stance and urge investors to consider Bitcoin’s transformative potential in a world where fiat capital is approaching a quadrillion dollars.
