What Happened?
The recent advancement of stablecoin regulatory legislation in the United States has triggered a short-term market rebound. Veteran investor Bill Miller IV remains pessimistic about Ethereum and Solana, criticizing their governance as overly centralized, asserting that Bitcoin is the only truly decentralized and revolutionary blockchain technology.
Miller points out that Bitcoin, through its immutable ledger mechanism, addresses the issues of fund flow and asset transparency, while most Proof-of-Stake (PoS) chains do not genuinely meet new demands and lack the liquidity and first-mover advantage that Bitcoin possesses.
He predicts that within the next 20 to 30 years, most companies will hold Bitcoin as an asset, creating a snowball effect that will drive a transformation in the global financial structure. Currently, over 280 institutions are involved, reflecting Bitcoin’s rapid march toward the mainstream.
Will Ethereum and Solana be the Final Winners?
In the context of U.S. President Trump’s signing of the CLARITY Act, which promotes stablecoin regulation, the cryptocurrency market has recently experienced a short-term rebound. However, amidst this wave of enthusiasm, Bill Miller IV, Chairman of investment advisory firm Miller Value Partners, has poured cold water on Ethereum and Solana, stating that they “will ultimately not be the winners,” and only Bitcoin can truly change the world.
In a recent interview with CNBC’s Closing Bell, Miller noted that compared to Bitcoin’s Proof-of-Work (PoW) consensus mechanism, blockchains like Ethereum and Solana, which utilize Proof-of-Stake (PoS), essentially do not differ from traditional social structures. “Whoever holds the most tokens has the most power,” he criticized, “This is not a true technological revolution; it merely shifts the existing power mechanism onto the blockchain.”
Miller believes that the standards used in the U.S. digital asset market legislation, the CLARITY Act, are too lenient, as it defines blockchains using the Proof-of-Stake mechanism, like Ethereum and Solana, as decentralized. He does not agree with this characterization.
He stated that if Ethereum and Solana were not early projects but rather new chains emerging under today’s stricter regulatory environment, they might not easily be considered “decentralized” projects.
Billionaire Bill Miller IV tells CNBC every company will be a Bitcoin treasury company
Corporate Bitcoin adoption is just getting started — ₿itcoin World (@MengeziCrypto) July 30, 2025
Miller: Bitcoin is the Only Blockchain that Solves Real Problems
Miller believes that Bitcoin is the only groundbreaking blockchain technology. He stated that people need to start seriously considering what problems other blockchains are solving aside from Bitcoin.
In his view, the importance of Bitcoin lies in its ability to tackle the issue of “currency transparency and accountability.” Due to Bitcoin’s highly transparent and immutable ledger, it allows everyone to clearly see where funds come from and where they go.
While Proof-of-Stake blockchains are efficient, they lack a true innovative breakthrough in social structure. “They do not provide new solutions to the problems Bitcoin has not solved and lack the stronger liquidity and first-mover advantage of Bitcoin,” Miller emphasized.
When discussing Bitcoin’s long-term value, Miller predicts that over the next 20 to 30 years, every company will hold Bitcoin as a financial asset. Investors will gradually discover that Bitcoin-related stocks and bonds generally outperform other assets, leading to a trend of companies allocating funds to Bitcoin.
“Once this trend starts, it will create a snowball effect, with more and more companies following suit,” he said.
Currently, 282 institutions hold Bitcoin, with 160 of them being publicly traded companies, including Japan’s Metaplanet, game retailer GameStop, asset management firm Twenty One Capital, and ProCap.
These companies have all been inspired by the strategy of MicroStrategy’s founder, adopting a long-term holding approach to Bitcoin. Despite recent fluctuations in MicroStrategy’s stock price, market confidence remains strong.
Of course, apart from companies, Miller stated that new types of assets linked to Bitcoin will continue to emerge in the bond and stock markets.
Source: CryptoSlate, The Crypto Times