Key facts
- Bill Miller IV, CEO of Miller Value Partners, is more bullish on Bitcoin than ever.
- Miller attributes his bullishness to worsening global fiscal deficits.
- He believes Bitcoin is undervalued relative to its fair value.
- Miller views Bitcoin as a denominator for capital, not an asset to be valued.
- He discussed gold's outperformance and global liquidity flows.
Legendary investor Bill Miller IV has expressed an unprecedented level of bullishness on Bitcoin, citing a widening gap between the cryptocurrency's price and its fair value due to deteriorating global fiscal conditions. Miller, chairman and CEO of Miller Value Partners, explained in an interview on September 20, 2026, that while Bitcoin's market capitalization is roughly where it was at the peak of the last cycle, the global fiscal situation has worsened significantly.
Miller's capital governance thesis posits that Bitcoin functions as a denominator for capital, rather than an asset to be valued in traditional terms. He frames Bitcoin's fair value against the backdrop of the US deficit, which he notes is approximately the size of Bitcoin's entire market cap. The interview also touched upon gold's recent outperformance, the influence of AI trade rotation, and global liquidity flows, particularly those originating from Japan and US treasuries.