Bill Miller IV Says He Is More Bullish on Bitcoin Than Ever

Bill Miller IV, chairman and CEO of Miller Value Partners, said in an interview with Bitcoin Magazine that he has never been more bullish on Bitcoin. According to ChainCatcher, he argued that Bitcoin’s market value remains near the peak of the last cycle even as global fiscal conditions have deteriorated, making the gap between price and fair value wider than ever. Miller said Bitcoin should be viewed as a denominator of capital rather than an asset to be valued, and he used the scale of the U.S. deficit relative to Bitcoin’s total market value as part of his fair-value framework. He also attributed gold’s recent outperformance of Bitcoin to a lag in narrative, and discussed AI-driven trading rotation as well as global liquidity outflows from Japanese and U.S. bond markets. He further commented on a 25-basis-point Federal Reserve rate hike, energy prices and inflation, and the impact of immigration and rule of law on the stability of capital flows. Miller also questioned whether U.S. companies can outperform debt and why funds still cannot hold Bitcoin, saying Bitcoin is a denominator of capital that does not rely on force for backing.