Bitcoin’s market cap sits roughly where it did at the last cycle’s peak, but according to Miller Value Partners chairman and CEO Bill Miller IV, the global fiscal situation has gotten much, much worse, which means the gap between price and fair value is wider than ever. Miller explains his capital governance thesis, why he views Bitcoin as a denominator for capital rather than an asset to be valued, and how he frames fair value against a US deficit roughly the size of Bitcoin’s entire market cap. He also addresses gold’s outperformance, the AI trade rotation and global liquidity flows out of Japan and US treasuries.

0:00 — Bill Miller IV on Why He’s Never Been More Bullish…

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