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 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

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