Why Legendary Investor Bill Miller IV has “Never Been More Bullish on Bitcoin”

Bitcoin Magazine Why Legendary Investor Bill Miller IV has “Never Been More Bullish on Bitcoin” Bitcoin’s market cap sits roughly where it did at the last cycle’s peak, but according to Miller Value Partners chairman and CEO Bill Miller IV, the global fiscal situation has gotten much, much worse, which means the gap between price and fair value is wider than ever.

Miller explains his capital governance thesis, why he views Bitcoin as a denominator for capital rather than an asset to be valued, and how he frames fair value against a US deficit roughly the size of Bitcoin’s entire market cap.

He also addresses gold’s outperformance, the AI trade rotation and global liquidity flows out of Japan and US treasuries.

0:00 — Bill Miller IV on Why He’s Never Been More Bullish on Bitcoin0:57 — Flat Market Cap, Worse Fundamentals: The Widening Fair Value Gap2:07 — AI Trade Rotation, Japan Liquidity and the Global Liquidity Question2:55 — The Deficit Framework: Bitcoin’s Market Cap vs One Year of US Borrowing3:59 — Why Gold Outperformed Bitcoin and Why Miller Calls It Narrative Lag5:56 — The Fed’s 25 Basis Point Hike, Energy Prices and Inflation6:29 — Immigration, Rule of Law and Stability of Process for Capital8:50 — Capital Governance Explained: What Happens When the Units Change10:06 — Can US Companies Outrun the...