Billionaire investor Bill Miller IV, Chairman and CIO of Miller Value Partners, reiterated his unwavering 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 argued that the flagship crypto remains vastly “undervalued” and predicts a major shift in global capital governance.
According to Miller:
“The promise of Bitcoin is simple – namely, that changes in someone’s purchasing power should not be controlled by an authority tied to the circumstances of one’s birth.”
Bitcoin was trading a little above $67,000 as of press time, down 5% over the past 24 hours, based on CryptoSlate data.
Superior alternative
Miller’s conviction stems from Bitcoin’s unique technological attributes, particularly its decentralized governance and transparent global ledger. He emphasized that traditional monetary systems, influenced by human judgment and political manipulation, are inherently flawed.
Miller argued that Bitcoin offers a superior alternative as a secure, unalterable, and automated system. He added:
“Money is fundamentally an accountability system, and Bitcoin represents a breakthrough in ensuring accountability through technology rather than human intervention.”
He also highlighted Bitcoin’s ability to transfer property rights through time and space without human permission or the possibility of confiscation as a key feature.
Miller drew parallels with other revolutionary technologies, such as NVIDIA, Google, and Meta, highlighting their initial undervaluation and subsequent market dominance.
He believes that Bitcoin’s true intrinsic value far exceeds its current $1.5 trillion market capitalization, given its potential to redefine the global capital market.
According to the billionaire:
“Bitcoin’s market share is still a fraction of the world’s addressable capital market, 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 that 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 the potential rewards justify continued investment and interest.
Bill Miller IV has been a long-term advocate of Bitcoin, accumulating the token for over a decade. His latest commentary reaffirms his stance and encourages investors to consider the transformative potential of Bitcoin in a world approaching one quadrillion dollars in fiat capital.
Bitcoin Market Data
At the time of press 9:56 pm UTC on Jun. 11, 2024, Bitcoin is ranked #1 by market cap and the price is down 3.4% over the past 24 hours. Bitcoin has a market capitalization of $1.33 trillion with a 24-hour trading volume of $36.87 billion. Learn more about Bitcoin ›
Crypto Market Summary
At the time of press 9:56 pm UTC on Jun. 11, 2024, the total crypto market is valued at at $2.44 trillion with a 24-hour volume of $94.07 billion. Bitcoin dominance is currently at 54.41%. Learn more about the crypto market ›
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