Bitcoin's market cap sits roughly where it stood at the peak of the last cycle, but, according to Miller Value Partners chairman and CEO Bill Miller IV, the global fiscal situation has gotten much, much worse. That divergence, he argues, means the gap between Bitcoin's price and its fair value is wider than ever — and it is why the veteran investor says he has “never been more bullish on Bitcoin.”

Miller made the case in an interview published by Bitcoin Magazine. He outlined his “capital governance” thesis, explained why he views Bitcoin as a denominator for capital rather than an asset to be valued in conventional terms, and described how he frames fair value against a U.S. deficit that, over one year, is roughly the size of Bitcoin's entire market cap. The denominator framing inverts the usual valuation question: rather than asking what Bitcoin is worth in dollars, Miller asks what capital is worth when measured against a unit that is not backed by force.

The same lens runs through the rest of the interview, which moves from the deficit math to gold's recent outperformance — a development Miller attributes to narrative lag — and on to Federal Reserve policy, energy prices, the rule of law, and the question of why some funds still cannot hold Bitcoin.

The conversation, organized into the following chapters, also covered:

• 0:00 — Bill Miller IV on why he's never been more bullish on Bitcoin
• 0:57 — Flat market cap, worse fundamentals: the widening fair value gap
• 2:07 — AI trade rotation, Japan liquidity and the global liquidity question
• 2:55 — The deficit framework: Bitcoin's market cap vs one year of US borrowing
• 3:59 — Why gold outperformed Bitcoin, and why Miller calls it narrative lag
• 5:56 — The Fed's 25 basis point hike, energy prices and inflation
• 6:29 — Immigration, rule of law and stability of process for capital
• 8:50 — Capital governance explained: what happens when the units change
• 10:06 — Can US companies outrun the debt, and why funds still can't hold Bitcoin
• 12:06 — A denominator for capital that isn't backed by force

The original post, “Why Legendary Investor Bill Miller IV has ‘Never Been More Bullish on Bitcoin’”, was written by Patrick Green and first appeared on Bitcoin Magazine.

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