Bill Miller IV: "Taxing Bitcoin Doesn’t Make Sense"
Bill Miller IV, the chief investment officer of Miller Value Partners, believes that the government shouldn't tax Bitcoin. He says it's because Bitcoin doesn't need government systems to manage ownership.
Speaking on the Coin Stories podcast, Miller said, “The government usually collects taxes to help manage and track property ownership, like when you buy or sell a house. But Bitcoin doesn’t need that — the blockchain already keeps track of who owns what.”
He explained that with traditional assets like real estate, taxes help fund the system that verifies ownership. But with Bitcoin, this process is automatic and done by the blockchain — not the government.
Miller also pointed out that the government didn’t create Bitcoin, so it doesn’t make sense for them to try to control or tax it the same way.
Earlier this year, there were rumors that Eric Trump (son of Donald Trump) wanted to remove capital gains taxes for some crypto assets in the U.S. Miller said that even though it’s unclear if this will happen, it’s good that Bitcoin currently isn’t affected by certain tax rules like the “wash sale” rule.
When asked if Bitcoin could one day face property taxes like real estate does, Miller said he’s not sure, but he believes there’s a strong argument against it.
He also noted that many investment managers still face challenges when trying to invest in Bitcoin, mostly because tax rules aren’t clear. “That’s why I say we’re still early — the tax system for Bitcoin is still being figured out,” he said.
Miller IV is the son of legendary investor Bill Miller III, who in 2022 said that half of his net worth is in Bitcoin and crypto-related companies.
