{"id":51445,"date":"2026-09-20T12:57:34","date_gmt":"2026-09-20T12:57:34","guid":{"rendered":"https:\/\/cryptomag.finance\/?p=51445"},"modified":"2026-09-20T12:57:34","modified_gmt":"2026-09-20T12:57:34","slug":"why-legendary-investor-bill-miller-iv-has-never-been-more-bullish-on-bitcoin","status":"publish","type":"post","link":"https:\/\/cryptomag.finance\/?p=51445","title":{"rendered":"Why Legendary Investor Bill Miller IV has \u201cNever Been More Bullish on Bitcoin\u201d"},"content":{"rendered":"

Bitcoin Magazine<\/a>
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\nWhy Legendary Investor Bill Miller IV has \u201cNever Been More Bullish on Bitcoin\u201d<\/a><\/p>\n

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Bitcoin\u2019s market cap sits roughly where it did at the last cycle\u2019s peak, but according to Miller Value Partners chairman and CEO Bill Miller IV, the global fiscal situation has gotten much, much worse, which means the gap between price and fair value is wider than ever. Miller explains his capital governance thesis, why he views Bitcoin as a denominator for capital rather than an asset to be valued, and how he frames fair value against a US deficit roughly the size of Bitcoin\u2019s entire market cap. He also addresses gold\u2019s outperformance, the AI trade rotation and global liquidity flows out of Japan and US treasuries.<\/p>\n

0:00 \u2014 Bill Miller IV on Why He\u2019s Never Been More Bullish on Bitcoin
0:57 \u2014 Flat Market Cap, Worse Fundamentals: The Widening Fair Value Gap
2:07 \u2014 AI Trade Rotation, Japan Liquidity and the Global Liquidity Question
2:55 \u2014 The Deficit Framework: Bitcoin\u2019s Market Cap vs One Year of US Borrowing
3:59 \u2014 Why Gold Outperformed Bitcoin and Why Miller Calls It Narrative Lag
5:56 \u2014 The Fed\u2019s 25 Basis Point Hike, Energy Prices and Inflation
6:29 \u2014 Immigration, Rule of Law and Stability of Process for Capital
8:50 \u2014 Capital Governance Explained: What Happens When the Units Change
10:06 \u2014 Can US Companies Outrun the Debt, and Why Funds Still Can\u2019t Hold Bitcoin
12:06 \u2014 A Denominator for Capital That Isn\u2019t Backed by Force<\/p>\n

DISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.<\/p>\n

This post Why Legendary Investor Bill Miller IV has \u201cNever Been More Bullish on Bitcoin\u201d<\/a> first appeared on Bitcoin Magazine<\/a> and is written by Patrick Green<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin Magazine Why Legendary Investor Bill Miller IV has \u201cNever Been More Bullish on Bitcoin\u201d Bitcoin\u2019s market cap sits roughly where it did at the last cycle\u2019s peak, but according to Miller Value Partners chairman and CEO Bill Miller IV, the global fiscal situation has gotten much, much worse, which means the gap between price […]<\/p>\n","protected":false},"author":1,"featured_media":51446,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-51445","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin"],"yoast_head":"\nWhy Legendary Investor Bill Miller IV has \u201cNever Been More Bullish on Bitcoin\u201d - Cryptomag<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptomag.finance\/?p=51445\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why Legendary Investor Bill Miller IV has \u201cNever Been More Bullish on Bitcoin\u201d - Cryptomag\" \/>\n<meta property=\"og:description\" content=\"Bitcoin Magazine Why Legendary Investor Bill Miller IV has \u201cNever Been More Bullish on Bitcoin\u201d Bitcoin\u2019s market cap sits roughly where it did at the last cycle\u2019s peak, but according to Miller Value Partners chairman and CEO Bill Miller IV, the global fiscal situation has gotten much, much worse, which means the gap between price […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptomag.finance\/?p=51445\" \/>\n<meta property=\"og:site_name\" content=\"Cryptomag\" \/>\n<meta property=\"article:published_time\" content=\"2026-09-20T12:57:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2026\/09\/Why-Legendary-Investor-Bill-Miller-IV-has-Never-Been-More-Bullish-on-Bitcoin.jpg\" \/>\n<meta name=\"author\" content=\"Crypto Magazine\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptomagz\" \/>\n<meta name=\"twitter:site\" content=\"@cryptomagz\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Crypto Magazine\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/cryptomag.finance\\\/?p=51445#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/cryptomag.finance\\\/?p=51445\"},\"author\":{\"name\":\"Crypto Magazine\",\"@id\":\"https:\\\/\\\/cryptomag.finance\\\/#\\\/schema\\\/person\\\/f749cd846c4f13ef717c12a20ce9d040\"},\"headline\":\"Why Legendary Investor Bill Miller IV has \u201cNever Been More Bullish on Bitcoin\u201d\",\"datePublished\":\"2026-09-20T12:57:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/cryptomag.finance\\\/?p=51445\"},\"wordCount\":362,\"image\":{\"@id\":\"https:\\\/\\\/cryptomag.finance\\\/?p=51445#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cryptomag.finance\\\/wp-content\\\/uploads\\\/Why-Legendary-Investor-Bill-Miller-IV-has-Never-Been-More-Bullish-on-Bitcoin-OlgABq.jpg\",\"articleSection\":[\"Bitcoin\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/cryptomag.finance\\\/?p=51445\",\"url\":\"https:\\\/\\\/cryptomag.finance\\\/?p=51445\",\"name\":\"Why Legendary Investor Bill Miller IV has \u201cNever Been More Bullish on Bitcoin\u201d - 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