Bill Miller IV: “They’re Not Printing More Bitcoin” — Still Bullish as Sentiment Nears FTX-Era Lows
Key Takeaways
- •Bill Miller IV continues to express a bullish view on Bitcoin despite sentiment weakening to levels seen during the FTX-era market turmoil.
- •Bitcoin’s price moved between $63,000, $87,000 and $68,000 over a period of months, illustrating the volatility discussed in the interview.
- •Miller said Bitcoin’s annual supply growth is approximately 0.8% through mining, which he considers lower than gold’s supply growth.
- •The interview addressed Bitcoin’s potential catalysts, the Clarity Act, monetary policy, competing capital demands from artificial intelligence and Bitcoin’s long-term monetization.
Bill Miller IV, Chairman and Chief Investment Officer of Miller Value Partners, says he remains bullish on Bitcoin even as market sentiment has fallen to levels last seen during the FTX era — a comparison that reaches back to the November 2022 collapse of the FTX exchange and the market turmoil that followed. Appearing on Bitcoin Magazine TV (BMTV) with hosts Grace Remington and Sean Hagan, Miller made the case that Bitcoin’s recent volatility is simply the cost of owning a great-performing asset — and that, unlike government-issued currencies, Bitcoin cannot be printed in greater quantities, a theme captured in the interview’s title, “They’re Not Printing More Bitcoin.”
Watch the full interview on BMTV
Miller highlighted the scale of Bitcoin’s recent price swings, noting that the asset moved from $63,000 to $87,000 and back to $68,000 within a matter of months. In his view, that kind of volatility is the price investors pay for holding assets that perform well over time.
Using a gold analogy, Miller laid out why Bitcoin’s addressable value sits far above its current market capitalization. He also pointed to Bitcoin’s supply growth of roughly 80 basis points per year — meaning new bitcoin enters circulation at a pace of about 0.8% of the existing supply annually through mining — a pace that makes the asset more scarce than gold.
That contrast between the long-term scarcity case and the forces shaping near-term sentiment runs through the rest of the conversation. The interview covered a broad range of topics, organized into the following segments:
- Why Bill Miller IV is still bullish on Bitcoin
- Bitcoin is more scarce than gold
- The only path out is printing money
- Strategy and the MSCI exclusion
- Hot inflation and a bigger Fed hike
- Jensen Huang’s exit and the AI bubble
- Value stocks vs. the AI capex bill
- NVIDIA at its lowest multiple in a decade
- Catalysts for a Bitcoin price pop
- What Bitcoin investors need from the Clarity Act
- AI and Bitcoin competing for capital
- Modeling Bitcoin’s monetization
DISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.
This article first appeared on Bitcoin Magazine and is written by Patrick Green.
