Bill Miller IV (빌 밀러 4세) is more optimistic on bitcoin than ever.

Bitcoin Magazine reported on Saturday that Bill Miller IV, chairman and CEO of Miller Value Partners, said bitcoin’s market capitalisation is hovering near the previous cycle’s high. He said global fiscal conditions have deteriorated far more than they did then, widening the gap between price and fair value.

Miller argued bitcoin should be seen not within a conventional asset valuation framework but as the “denominator” of capital. He said what can serve as a benchmark matters when the unit used to value capital itself becomes unstable. From that perspective, he described bitcoin as a benchmark unit for capital that is not backed by coercive power.

He cited the U.S. fiscal deficit as a key basis for his view. Miller noted that the United States’ annual borrowing is roughly equivalent to bitcoin’s total market capitalisation. He argued that when bitcoin’s network-wide value is viewed in the same frame as U.S. annual borrowing, bitcoin’s fair value should be reassessed. “The market size is flat, but fiscal fundamentals have worsened,” he said, adding that the gap between fair value and price is wider than ever.

On market trends, he also mentioned differences in the relative performance of gold and bitcoin. Miller did not view gold’s recent stronger performance than bitcoin as a sign of structural weakness. He interpreted gold’s strength as a “narrative delay”, meaning gold reacted ahead of bitcoin. In his view, capital is responding to the same macro variables.

Miller also pointed to the cycle of concentration in artificial intelligence-related investing, Japan-driven liquidity and the possibility of funds moving out of U.S. Treasuries. He argued that bitcoin should not be viewed in isolation, and that investors should consider where global liquidity is leaving and where it is heading. In particular, he cited fund flows in Japan and the U.S. Treasury market as variables for judging the relative appeal of digital assets such as bitcoin.

He also cited monetary policy and inflation variables as reasons for his optimism. Miller mentioned a 25-basis-point hike by the Federal Reserve, energy prices and inflation, saying interest in capital-preservation tools could continue. He also assessed immigration, rule of law and procedural stability as conditions for capital to remain, meaning that capital considers institutional stability as well as returns.

He noted there are still constraints on institutional access to bitcoin. Miller also cited structural limits that still prevent some funds from holding bitcoin. He said institutional frameworks and investment rules, apart from price logic, could limit the pace of inflows.

Even so, Miller’s conclusion was clear. He defined bitcoin as the denominator of capital that does not rely on coercive power. He said bitcoin should be reassessed in an environment of expanding U.S. borrowing and ongoing reshaping of global liquidity. He said gold’s outperformance, rotation in AI investment, and flows involving Treasuries and Japan are all part of changing macro conditions. He said whether the market accepts bitcoin not as a simple risk asset but as a benchmark unit of capital will be a key point to watch.