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Billionaire investor Bill Miller believes Bitcoin is “significantly undervalued” at its current market capitalization
Billionaire investor Bill Miller IV, President and CIO of Miller Value Partners, reiterated his unwavering confidence in Bitcoin in a June 11 blog post titled “Why I’m Still Betting on Bitcoin.”
Despite Bitcoin’s significant gains versus fiat currencies, Miller supported that the flagship cryptocurrency remains largely “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 someone’s birth.”
At the time of writing, Bitcoin was trading just above $67,000, down 5% over the past 24 hours, based on CryptoSlate data.
Superior alternative
Miller’s belief stems from that of Bitcoin unique technological attributes, notably its decentralized governance and transparent global registry. He pointed out 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 as a key feature Bitcoin’s ability to transfer property rights across time and space without human permission or the possibility of confiscation.
Miller drew parallels with other disruptive technologies, such as NVIDIA, Google and Meta, highlighting their initial underappreciation and subsequent market dominance.
He believes Bitcoin’s true intrinsic value far exceeds its current market capitalization of $1.5 trillion, given its growth potential. redefine the global capital market.
According to the billionaire:
“Bitcoin’s market share is still a fraction of the global capital market, despite the superior security and accountability of its blockchain.”
Central player
Miller further stated that Bitcoin is on its way to 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 emphasized its independence from physical form and centralized authority. He acknowledged the inherent risks and uncertainties, but argued that the potential benefits justify continued investment and interest.
Bill Miller IV has been a long-term Bitcoin supporter, 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 of fiat capital.
Bitcoin market data
As of press time, 21:56 UTC June 11, 2024, Bitcoin is ranked #1 by market capitalization and the price is down 3.4% in the last 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 ›
Cryptocurrency Market Summary
As of press time, 21:56 UTC on June 11, 2024, the total cryptocurrency market is valued at $2.44 trillion with a 24 hour volume of $94.07 billion. Bitcoin’s dominance is currently at 54.41%. Find out more about the cryptocurrency market ›