Bill Miller IV Says 'Every Company Might Be A Bitcoin Treasury' In 20 Years—Claims Ethereum Won't 'Win' In The End

Miller Value Partners portfolio manager Bill Miller IV predicts widespread corporate Bitcoin BTC/USD adoption within decades, dismissing Ethereum‘s ETH/USD long-term prospects despite recent regulatory advantages.

What Happened: Speaking on CNBC Monday, Miller said he expects “every company might be a Bitcoin treasury company” in 20 to 30 years, citing Bitcoin’s superior underlying protocol stability compared to fiat technologies.

Miller highlighted three recent legislative developments affecting cryptocurrency markets: the Clarity Act for regulatory oversight, the GENIUS Act for stablecoin regulation, and the anti-CBDC surveillance act preventing government overreach in central bank digital currencies.

The fund manager criticized the Clarity Act’s grandfathering provisions, which allow Ethereum and Solana blockchains to qualify as decentralized despite their proof-of-stake consensus mechanisms. Miller argued these technologies essentially maintain existing power structures where large stakeholders control decision-making.

Despite Ethereum’s recent surge in the last few weeks, Miller remains skeptical about its long-term prospects. “You can speculate as to why things like Ethereum have had this pop in the past few weeks. That’s my perspective is because this legislation has helped them have a leg up. I don’t think in the end of the day they’re going to win,” he stated.

“If you look at these grandfathering technologies like Ethereum and Solana, they’re proof-of-stake technologies. And what that means is if I have a big stake in the blockchain, I get to say what happens. That’s exactly how society works today,” Miller said.

Bitcoin’s proof-of-work consensus mechanism represents a “game-changing technology” due to its energy-intensive mining process and decentralized governance structure, Miller explained.

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Why It Matters: MicroStrategy Inc. MSTR leads corporate Bitcoin adoption with 607,770 BTC holdings worth approximately $72 billion, according to Bitcoin Treasuries data. Other major treasury companies include MARA Holdings Inc. MARA with 50,000 BTC and Tesla Inc. TSLA holding 11,509 BTC.

Wall Street strategist Tom Lee recently attributed Strategy’s 35x stock surge from $13 to over $450 primarily to treasury strategy execution rather than Bitcoin price appreciation alone. Lee calculated that Bitcoin’s rise from $11,000 to $118,000 contributed 11x gains, while treasury moves generated an additional 25x increase.

Miller expects institutional adoption to accelerate as bond and equity managers incorporate Bitcoin-related investments that outperform traditional strategies, creating a “snowball” effect similar to Bitcoin’s 16-year growth trajectory.

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