Bitcoin
Billionaire investor Bill Miller believes Bitcoin is “significantly undervalued” at current market value
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 relative to fiat currencies, Miller argued that the leading cryptocurrency remains vastly “undervalued” and predicts a major shift in the governance of global capital.
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 someone’s birth.”
Bitcoin was trading just above $67,000 at press time, down 5% in the last 24 hours, based on data from CryptoSlate.
Superior alternative
Miller’s conviction stems from Bitcoin unique technological attributes, particularly its decentralized governance and transparent global registry. 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 a system of accountability, and Bitcoin represents a step forward in ensuring accountability through technology rather than human intervention.”
He also highlighted Bitcoin’s ability to transfer property rights across 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 market capitalization of $1.5 trillion, 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 the superior security and accountability of its blockchain.”
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 the nature of Bitcoin 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-time supporter of Bitcoin, accumulating the token for over a decade. His latest comment reaffirms his position and encourages investors to consider Bitcoin’s transformative potential in a world approaching a quadrillion dollars in fiat capital.
Bitcoin Market Data
At the time of publishing, 21:56 UTC on June 11, 2024, Bitcoin is ranked first by market value and the price is drop of 3.4% in the last 24 hours. Bitcoin has a market capitalization of US$1.33 trillion with a 24-hour trading volume of US$36.87 billion. Learn more about Bitcoin ›
Crypto Market Summary
At the time of publishing, at 21:56 UTC on June 11, 2024, the total crypto market was valued at US$2.44 trillion with a 24-hour volume of US$94.07 billion. Bitcoin dominance is currently in 54.41%. Learn more about the crypto market ›