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 belief in Bitcoin in a June 11 blog post titled “Why I Still Bet on Bitcoin.”

Despite Bitcoin’s significant gains against fiat currencies, Miller says argued that the flagship crypto remains vastly “undervalued” and portends a major shift in global capital management.

According to Molenaar:

“The promise of Bitcoin is simple – namely that changes in one’s purchasing power should not be controlled by an authority bound by the circumstances of one’s birth.”

Bitcoin was trading just above $66,000 at the time of writing, down 5% in the past 24 hours, based on CryptoSlate data.

Superior alternative

Miller’s belief stems from Bitcoin’s unique technological properties, particularly its decentralized governance and transparent global ledger. 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, immutable and automated system. He added:

“Money is, at its core, an accountability system, and Bitcoin represents a breakthrough 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 consent 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 blockchain’s superior security and accountability.”

Central player

Miller further stated that Bitcoin is 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 Bitcoin’s nature as a digital token, Miller emphasized its independence from physical form and centralized authority. He acknowledged the inherent risks and uncertainties, but maintained that the potential rewards warrant continued investment and interest.

Bill Miller IV has been a long-time supporter of Bitcoin and has been collecting the token for over a decade. His latest commentary reaffirms his position and encourages investors to consider Bitcoin’s transformative potential in a world approaching a trillion dollars in fiat capital.