Bill Miller IV on Blockchain Technologies

Billionaire Bill Miller IV believes that proof-of-stake blockchains, like Ethereum and Solana, are unlikely to ultimately prevail, asserting that Bitcoin’s proof-of-work design offers unmatched durability.

In a July 28 interview on CNBC’s “Closing Bell,” Miller noted that recent U.S. policy changes might provide proof-of-stake assets with a temporary boost but argues they cannot sustain an advantage over Bitcoin.

Miller elaborated on decentralization in the context of market structure proposals:

> “If you look at the way the legislation [the CLARITY Act] was written, it allows technologies like Ethereum and Solana blockchains to be classified as ‘decentralized,’ when they are actually not.”

Furthermore, he pointed out that if these chains had launched today, “they would go through a much different process.”

His main concern is governance. He described proof of stake governance as favoring those with substantial stakes, stating, “that’s exactly how society works today, it’s not really a technological revolution.” In contrast, he characterized Bitcoin’s proof-of-work consensus as “a game-changing technology,” arguing that the energy costs associated with creating new bitcoins enhance network integrity rather than favoring large token holders.

Regulatory-Driven Rally

Miller connected recent gains in Ethereum to U.S. policy developments, referencing the signing of the GENIUS Act and the progress of the CLARITY Act.

President Donald Trump signed the GENIUS Act into law on July 18, establishing the first federal framework for dollar-backed stablecoins. The House passed it on July 17 after bundling it with CLARITY and an Anti-CBDC measure. The Senate followed by approving the consolidated bill before it went to the White House.

Miller emphasized that while policy momentum may provide support for proof-of-stake assets, he remains skeptical about their long-term prospects compared to Bitcoin. He stated:

> “People need to start thinking about what problems these various blockchains solve. And the answer is: most of them actually don’t solve any real problems except for Bitcoin.”

Solving Accountability

Miller framed Bitcoin as a solution for monetary accountability, highlighting its transparent and immutable ledger as a mechanism to audit ownership and transactions. He believes other chains do not resolve any additional problems that Bitcoin hasn’t addressed and lack its liquidity and first-mover advantage.

This belief extends to corporate finances:

> “It’s my take that in 20 or 30 years, every company will be a Bitcoin treasury company.”

Additionally, Miller predicts that bond managers who invest in “Bitcoin-regulated bonds” and equity managers with Bitcoin-linked assets will outperform those who do not.

Miller concluded by suggesting that “it remains to be seen” if proof-of-stake technology can provide a lasting edge.