Billionaire Bill Miller IV: Bitcoin will win in the long run, Ethereum and Solana have a hard road ahead.

Investor billionaire Bill Miller IV believes that blockchains using proof-of-stake consensus mechanisms like Ethereum and Solana are unlikely to "win in the end" when compared to Bitcoin's proof-of-work design – which he considers provides durability that other networks cannot match.

In an interview with CNBC's "Closing Bell" program on July 28, Miller stated that recent policy moves in the U.S. could help proof-of-stake assets grow in the short term, but are not enough to create a sustainable advantage over Bitcoin.

Billionaire Bill Miller IV( Core opposition: Governance mechanism

Miller emphasized that the definition of "decentralized" in current legislative proposals, such as the CLARITY Act, is too broad:

“If you look at how this legislation is written, it allows technologies like Ethereum and Solana to be classified as ‘decentralized’, when in reality they are not.”

He added that if these blockchains were launched in the current context, "they would have to go through a very different process."

According to him, the core issue of proof-of-stake lies in the governance mechanism: those who hold more tokens will have the power to decide the future of the network:

“That is exactly how society is currently operating – not a true technological revolution.”

On the contrary, he referred to Bitcoin's proof-of-work mechanism as "a game-changing technology," where the energy cost of creating new Bitcoins is the factor that protects the integrity of the network – rather than consolidating power for those who hold a lot of tokens.

) U.S. policy may provide short-term support for Ethereum

Miller stated that the recent rise of Ethereum is largely due to the policy schedule in Washington, particularly the passage of the GENIUS Act and the progress of the CLARITY Act.

President Donald Trump signed the GENIUS Act into law on July 18 – creating the first federal framework for USD-backed stablecoins.

Previously, the House of Representatives passed this bill on July 17, in conjunction with CLARITY and a measure against CBDC ( central bank-issued digital currency ). Afterwards, the Senate also passed the consolidated version and sent it to the White House for the President's signature.

Although CLARITY is incorporated to expedite the process, the text issued as law is essentially the legal framework for stablecoins in the GENIUS Act.

Miller believes that the policy momentum could help proof-of-stake assets increase in value, but that does not change the long-term race with Bitcoin:

"People need to start thinking seriously about the issues that these blockchains actually solve. And the answer is: most of them don't really solve any problems, except for Bitcoin."

Bitcoin – a solution for transparency and financial accountability

Miller describes Bitcoin as a solution to financial accountability, with a transparent and immutable ledger that allows for easy auditing of "who owns what" and "where the money is going."

He believes that other blockchains do not solve any additional problems that Bitcoin has not already addressed, and they also lack the liquidity or first-mover advantage of Bitcoin.

From there, he expanded his argument to include the corporate balance sheet:

"In my opinion, in the next 20 or 30 years, every company will become a Bitcoin treasury company."

Miller also predicts that bond managers buying Bitcoin-related bonds and equity managers increasing exposure to Bitcoin will outperform their rivals who do not do this.

He concluded that:

"We still have to wait and see if proof-of-stake technology can create a long-term advantage."

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