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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Is ‘Still Significantly Undervalued,’ Says Finance Guru Bill Miller IV

Jake Simmons
Jake Simmons
1 year ago
3 mins read
Bitcoin Bill Miller IV

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In his latest blog post titled “Why I’m Still Betting on Bitcoin,” financial expert and seasoned investor Bill Miller IV, CFA, CMT, Chairman and CIO of Miller Value Partners, reiterated his bullish stance on Bitcoin. According to Miller, who is the Chairman, CIO of Miller Value Partners and son of legendary investor Bill Miller III, Bitcoin remains in the early stages of a secular transition in global capital and governance perspectives.

Bitcoin: It’s Still Early

Miller’s analysis begins with a reflection on a thesis he first introduced in 2015 in his paper, “A Value Investor’s Case for…Bitcoin?!”. He argued that Bitcoin held potential far beyond its valuation at the time, either as a revolutionary payment network or as a viable alternative to traditional fiat capital.

Fast forward to today, Miller observes Bitcoin’s ascendancy but maintains that its journey is far from over. His current valuation places Bitcoin’s market capitalization at about $1.5 trillion, a figure he considers minuscule compared to the nearly quadrillion-dollar global fiat capital system.

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“Despite Bitcoin recently hitting new highs against every fiat currency, I believe Bitcoin today is still significantly undervalued and that the world is likely in the early stages of a secular shift around how humans think about capital and its governance,” Miller writes. He points out the inadequacies of current monetary systems, which are prone to human error and manipulation, often leading to the devaluation of currency through inflation and mismanagement.

Supporting his argument, Miller references “Broken Money” by Lyn Alden, which outlines the historical precedence for superior monetary technologies eventually eclipsing their outdated counterparts. Alden’s analysis suggests that when people are presented with better options for preserving or growing their financial resources, they will invariably gravitate towards those options.

“History shows that the best monetary technology inevitably wins, as people trade inferior depreciating capital technologies for superior ones that better align with users’ goal of preserving or growing their option set over time,” writes Miller. Bitcoin, with its decentralized, transparent, and immutable ledger, offers a robust alternative to the governance-laden fiat systems.

Miller also delves deeper into the technical and philosophical underpinnings of Bitcoin, describing it as a “true technological breakthrough.” Unlike traditional monetary systems, Bitcoin operates on a global scale without the need for centralized control, enabling transactions that are resistant to censorship and confiscation. This property alone, according to Miller, radically changes the dynamics of how property rights are transferred and managed across borders and generations.

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He also comments on the general public’s struggle to understand and value revolutionary technologies, citing the substantial returns generated by companies like NVIDIA, Google, and Meta as examples of what happens when new paradigms are embraced. “Humans are notoriously bad at contextualizing the relevance and potential of new technologies,” Miller states, emphasizing that Bitcoin’s case is no different.

“This gap is especially wide for groundbreaking concepts of an epistemic nature – that is, inventions that change the way we think about and relate to information and each other. It also explains why NVIDIA, Google and Meta have generated outsized returns relative to other stocks,” Miller states.

In a compelling conclusion to his argument, Miller acknowledges the inherent risks and volatility associated with Bitcoin. As a technology and asset class that is still in its developmental phase, it faces potential shifts in perception and regulatory landscapes. However, he warns that underestimating Bitcoin’s long-term potential could be as harmful as ignoring the early signs of any major technological shift.

“It’s still early,” concludes Miller, suggesting that the journey for Bitcoin is just beginning. He remains confident that as the world continues to grapple with the limitations of fiat currencies and the possibilities presented by digital assets, Bitcoin’s true value will eventually be realized, reflecting its capacity to redefine the fabric of economic systems worldwide. This stance not only reinforces his investment strategy but also serves as a bold forecast for the future of finance.

At press time, BTC traded at $67,406.

Bitcoin price
Bitcoin trades above $67,000, 1-day chart | Source: BTCUSD on TradingView.com
Featured image from CNBC chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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