Markets
Billionaire investor Bill Miller believes Bitcoin is ‘significantly undervalued’ at current market cap
Billionaire investor Bill Miller IV, Chairman and CIO of Miller Value Partners, reiterated his unwavering confidence in Bitcoin in a June 11 blog post titled “Why I Still Bet on Bitcoin.”
Despite Bitcoin’s significant gains compared to fiat currencies, Miller argued that the flagship crypto remains largely “undervalued” and predicts a major shift in the global governance of capital.
According to Miller:
“The promise of Bitcoin is simple: changes in a person’s purchasing power should not be controlled by an authority tied to the circumstances of their birth.”
Bitcoin was trading just above $67,000 at press time, down 5% over the past 24 hours, based on CryptoSlate data.
Superior alternative
Miller’s belief stems from that of Bitcoin unique technological attributes, particularly its decentralized governance and transparent global ledger. 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 a system of accountability, and Bitcoin represents a major 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 authorization or the possibility of confiscation as a key feature.
Miller drew parallels to 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 growth potential. redefine the global capital market.
According to the billionaire:
“Bitcoin’s market share still represents only a fraction of the global addressable capital market, despite the superior security and accountability of its blockchain.”
Central actor
Miller further stated that Bitcoin is becoming a central player in the evolving landscape of financial and monetary systems, a change 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 rewards warrant continued investment and interest.
Bill Miller IV is a long-time Bitcoin advocate, accumulating the token for over a decade. His latest comment reaffirms his position and encourages investors to consider the transformative potential of Bitcoin in a world approaching quadrillion dollars of fiat capital.
Bitcoin Market Data
As of press time, 9:56 p.m. 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 ›
Crypto Market Summary
As of press time at 9:56 p.m. UTC on June 11, 2024, the total crypto market is valued at $2.44 trillion with a 24 hour volume of $94.07 billion. Bitcoin dominance is currently at 54.41%. Learn more about the cryptocurrency market ›