Bill Miller IV, Chief Investment Officer of Miller Value Partners, says governments do not need any administrative efforts to manage ownership rights.
“A ton does not understand for them to reach their hand,” Miller told Natalie Brunel on the Coin Stories Podcast on Wednesday.
Blockchain recording ownership, not government
Miller, who is known for his early bitcoin (BTC) advocacy, said that Bitcoin does not rely on the government infrastructure to verify or implement property rights, unlike real estate.
“When you buy or sell a house, they record all that goes to track all the taxes that are the owners,” Miller said.
“The reality is that if you wonder why you pay taxes in society, it is to implement property rights,” he said.
Miller said that it is not necessary with bitcoin. He said, “The government did not make bitcoins, so this is an important point to keep in mind,” he said:
“Blockchain automates property for itself, isn’t it?”
Earlier this year, rumors aired that Eric Trump, son of US President Donald Trump, proposed to abolish capital gains taxes on some US-based cryptocurrency. Regarding the possibility of Bitcoin being free from capital gains tax, Miller said, “Does it eventually happen or not, who knows, but it is great that there is no wash sales rule on bitcoin.”
Asked if he ever keeps a bitcoin property tax, how the properties are taxed every year in the US on the basis of market value, they say that he is not certain, but “there is a good argument for it.”
Bitcoin tax uncertainty signal “it’s still hurry”
Meanwhile, Miller stated that the traditional asset managers still face obstacles when purchasing bitcoins, mainly due to uncertainty around taxation.
“Even as a fund manager, we still have very big obstacles to buy it really because the taxation rules around bad income if we buy ETFs and sell them at the wrong time, so that everyone needs to work,” he said.
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He said, “This is why I continue to say that this is still hurry because the taxation rules around it are really interesting,” he said.
Bill Miller IV is the son of mythological investor Bill Miller III, who is a fund manager, known for beating S&P500 for 15 consecutive years at Leg Mason, the legendary investment company.
In an interview in January 2022, Miller III stated that it has a 50% of its total value in Bitcoin and Michael Sayler’s strategy and BTC mining firms and BTC mining firms keeping related investments in major industry firms such as Garh Digital Mining.
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