Bill Miller IV Says He’s Never Been More Bullish on Bitcoin

Legendary investor Bill Miller IV, Chairman and CEO of Miller Value Partners, stated he has “never been more bullish on Bitcoin,” citing a widening gap between its price and fair value amid deteriorating global fiscal conditions.

Miller’s thesis hinges on capital governance, framing Bitcoin not as a typical asset but as a “denominator for capital.” He argues that while Bitcoin’s market capitalization is near its previous cycle peak, the underlying fundamentals—specifically the scale of the U.S. deficit, which he notes is roughly the size of Bitcoin‘s entire market cap—have worsened significantly.

He addressed recent market dynamics, including gold’s outperformance, which he attributes to “narrative lag,” and the rotation into AI trades. Miller also pointed to global liquidity flows moving out of Japanese assets and U.S. Treasuries as a factor influencing capital allocation.

The investor concluded that Bitcoin represents a unique form of capital not backed by state force, positioning it as a critical hedge in an era of expansive fiscal policy and debt concerns.