Bill Miller: Bitcoin is undervalued, price-to-fair-value gap at its widest
- —Miller: annual U.S. borrowing is comparable to Bitcoin's entire market capitalization
- —He attributes gold's rise to a "narrative lag," not BTC weakness
- —Factors include capital outflows from U.S. Treasuries and Japanese liquidity
- —He noted limited institutional access to Bitcoin
Why it matters: The argument that BTC is undervalued amid rising U.S. government debt supports Bitcoin's narrative as a defensive asset.
Source: Digital Today