Bill Miller IV says he is more optimistic on bitcoin than ever

Bill Miller IV (빌 밀러 4세) is more optimistic on bitcoin than ever.

Bitcoin Magazine reported on Saturday that Bill Miller IV, chairman and CEO of Miller Value Partners, said bitcoin’s market capitalisation is hovering near the previous cycle’s high. He said global fiscal conditions have deteriorated far more than they did then, widening the gap between price and fair value.

Miller argued bitcoin should be seen not within a conventional asset valuation framework but as the “denominator” of capital. He said what can serve as a benchmark matters when the unit used to value capital itself becomes unstable. From that perspective, he described bitcoin as a benchmark unit for capital that is not backed by coercive power.

He cited the U.S. fiscal deficit as a key basis for his view. Miller noted that the United States’ annual borrowing is roughly equivalent to bitcoin’s total market capitalisation. He argued that when bitcoin’s network-wide value is viewed in the same frame as U.S. annual borrowing, bitcoin’s fair value should be reassessed. “The market size is flat, but fiscal fundamentals have worsened,” he said, adding that the gap between fair value and price is wider than ever.

On market trends, he also mentioned differences in the relative performance of gold and bitcoin. Miller did not view gold’s recent stronger performance than bitcoin as a sign of structural weakness. He interpreted gold’s strength as a “narrative delay”, meaning gold reacted ahead of bitcoin. In his view, capital is responding to the same macro variables.