Legendary investor Bill Miller says he’s “still betting on Bitcoin,” which has ample room to rise despite currently trading close to all-time highs.

In a Tuesday article, the billionaire argued that Bitcoin’s “intrinsic value” is “many multiples” of its market cap today and that the asset is at the center of a “secular shift around how humans think about capital and its governance.”

“The promise of Bitcoin is simple,” Miller wrote. “Namely, that changes in someone’s purchasing power should not be controlled by an authority tied to the circumstances of one’s birth.”

Given that its blockchain-based accounting is “far superior” to all fiat alternatives, the investor claimed Bitcoin’s $1.5 trillion market cap is a fraction of a percent of its total addressable market.


Miller has been one of Bitcoin’s most vocal high-net-worth proponents for several years. In 2015, Miller Value Partners published “A Value Investor’s Case For Bitcoin,” which claimed Bitcoin “could have enormous upside if it catches on” as a store of value similar to gold, and captured the precious metal’s market cap. At the time, that model would have brought Bitcoin’s price to $314,000 per coin.

Miller assigned just a 0.25% probability of this happening back then, but today he doesn’t find it so farfetched—especially in a fiat world fast approaching “a quadrillion dollars” of total capital.

“Humans are notoriously bad at contextualizing the relevance and potential of new technologies,” he said.


Miller’s track record suggests he has a knack for spotting good investments. During his time at Legg Mason, he’s known for investments that outperformed the stock market for fifteen straight years from 1991 to 2005. He also purchased Amazon (AMZN) stock at its IPO in 1997, which has exploded over 205,000% since.

In 2022, Miller revealed that his portfolio was split 50/50 between both Amazon and Bitcoin—and that he was buying the latter asset with leverage.

“I believe that continuing to ignore Bitcoin will serve those who do it over the next decade as well as it has over the past one—not well,” he concluded in his latest piece. “It’s still early.”

Edited by Ryan Ozawa.

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