Bill Miller

Bitcoin and Intrinsic Value millervalue.com/the-intrinsic-…

Money is evolving into the digital age.

"All financial innovation involves, in one form or another, the creation of debt secured in greater or lesser adequacy, by real assets." - John Kenneth Galbraith h/t @StrategasRP

Even if $MSTR acquires no more bitcoin, in ~7-8 months their treasury will comprise more of the total BTC supply than is left to be issued.

Do you want your capital denominator backed by unaccountable people jockeying for position within a monopoly on violence, or do you want to opt in to a higher standard backed by energy, time, consensus and transparency?

good article from @bloomberg today highlighting the cost of LLM tokens today is below where it was in January...race to the bottom in AI pricing? 👀

@dboette i think of it as a "capital refinery"

@billfour Its just wierd seeing Strategy as a Hedge Fund versus a Treasury company.

Shareholders and Bitcoiners alike should actually *rejoice* that this is happening. It has major benefits in 1) Tax loss harvesting, 2) Convincing ratings agencies that the asset is liquid and salable (despite the long-tailed nature of the "liabilities") $MSTR

@ChetSucks @saifedean They are much less leveraged

@billfour @saifedean Chinese households have far more of their net worth in their homes compared to US households.

If you think home prices crashing is bad, you have fiat brain. Homes are consumer goods and the cheaper they are the better. You only think of them as an investment asset because your money is broken & you have never known savings.

@QTRResearch The fact is that a hypothetical world in which @saylor can’t sell any bitcoin is a world where bitcoin failed and you wouldn’t want it anyway.

@scottmelker I prefer seeing NGU

People are turning bullish and it’s annoying. I prefer being the last bull standing.

@AsyncN8 I hear you but the campaign funding isn’t going away.

@billfour This time half the country hates Crypto because of Trumps memecoin scams. So don’t be so sure.

Politicians holding up CLARITY weren’t paying attention in 2024. Go back and take a look because midterms are coming up. Very bad for your job security to be on the wrong side of crypto.

The national deficit for 2026, or the amount of dollars we are going to need to create/find/borrow, is 1.5x the entire market cap of Bitcoin. That’s just this year…and just the US. Time to rethink what constitutes a “unit of account.”

@ArvsNotes If “all value is subjective” then nothing has “intrinsic” value

More semantics on definition but Bitcoin doesn't have intrinsic value as all value is subjective. It has intrinsic properties that people make value judgements on. This subjective nature of value was written by Menger in Principles of Economics. The scientific justification is that for value to be intrinsic it needs to be objectively measured and independently verified. And in most cases with valuations this can't be done

Bitcoin and Intrinsic Value millervalue.com/the-intrinsic-…

Ppl saying “AI Pricing surge is structural” never studied the history of take-or-pay contracts in capital-intensive industries $MU Micron Earnings: What Goes Up Must Come Down … Eventually global.morningstar.com/en-ca/stocks/m…

@brandonosborn24 @nytimes

@billfour @nytimes Interesting… what’s your source?

nominal egg prices hovering near multi-decade lows - file this in the "good news you won't see reported in the @nytimes" category

telling us what the next big thing is would be more helpful

"private ratings systematically understate credit risk and depress required capital...Within the same rating, privately rated bonds are twice as likely to impair than publicly rated bonds, yet are downgraded less often, not more." papers.ssrn.com/sol3/papers.cf…