Billionaire investor Bill Miller IV, Chairman and CIO of Miller Value Partners, reaffirmed his strong belief in Bitcoin in a blog post titled "Why I’m Still Betting on Bitcoin," published on June 11.

Despite Bitcoin’s significant gains against fiat currencies, Miller argued that the leading cryptocurrency remains deeply undervalued and foresees a significant shift in global capital governance.

According to Miller:

“The promise of Bitcoin is straightforward – that changes in someone’s purchasing power should not be controlled by an authority tied to the circumstances of one’s birth.”

At the time of publication, Bitcoin was trading slightly above $67,000, reflecting a 5% decrease over the past 24 hours according to CryptoSlate data.

Superior Alternative

Miller’s conviction is rooted in Bitcoin’s distinctive technological features, particularly its decentralized governance and transparent global ledger. He stressed 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 fundamentally serves as an accountability system, and Bitcoin represents a breakthrough in ensuring accountability through technology rather than human intervention.”

Miller also highlighted Bitcoin’s capability to transfer property rights across time and space without requiring human permission or facing the risk of confiscation as a crucial attribute.

Drawing parallels with other groundbreaking technologies like NVIDIA, Google, and Meta, Miller underscored their initial undervaluation and subsequent dominance in the market.

He believes that Bitcoin’s true intrinsic value surpasses its current market capitalization of $1.5 trillion, given its potential to redefine the global capital market.

According to the billionaire:

“Bitcoin’s market share remains a fraction of the world’s accessible capital market, despite its blockchain’s superior security and accountability.”

Central Player

Miller additionally asserted that Bitcoin is on its way to becoming a central player in the evolving landscape of capital and monetary systems, a transformation he believes is still in its early stages.

Reflecting on Bitcoin’s nature as a digital token, Miller emphasized its independence from physical form and centralized authority. While acknowledging inherent risks and uncertainties, he argued that the potential rewards justify continued investment and interest.

Bill Miller IV has advocated for Bitcoin for over a decade, accumulating the cryptocurrency during this time. His recent commentary reaffirms his stance and encourages investors to recognize Bitcoin's transformative potential in a world approaching one quadrillion dollars in fiat capital.