Why does Bill Miller IV compare Bitcoin with gold? In a BMTV appearance reported by ChainCatcher on November 14, 2026, at 04:20:46 UTC+8, the Miller Value Partners chairman and chief investment officer argued that Bitcoin’s scarcity gives it a larger potential market than its then-current valuation reflected. He said its supply grows by only 80 basis points a year and described it as scarcer than gold.
Miller said he remained bullish despite market sentiment approaching the lows seen around the FTX collapse. He pointed to Bitcoin rising from $63,000 to $87,000 over several months before falling to $68,000, describing volatility as a cost of holding what he considers a high-quality asset.
That is Miller’s investment case, not a demonstrated valuation model. The supply-growth comparison alone does not establish what Bitcoin should be worth, and the price path he cited shows the volatility a holder would face.