Billionaire Invoice Miller IV says proof‑of‑stake blockchains resembling Ethereum and Solana are unlikely to “win on the finish of the day,” arguing that Bitcoin’s proof‑of‑work design confers a sturdiness different networks can’t match.
In a July 28 interview with CNBC’s “Closing Bell,” the billionaire investor mentioned latest US coverage strikes might give proof‑of‑stake belongings a brief‑time period increase, however not an enduring edge over Bitcoin.
Miller assessed how market construction proposals outline decentralization:
“Should you have a look at the way in which the laws [the CLARITY Act] was written, it permits applied sciences like Ethereum and Solana blockchains to be categorised as ‘decentralized,’ when they’re really not.”
He added that if these chains launched at present, “they might undergo a a lot totally different course of.”
His core objection is governance, describing proof of stake as whoever has a giant stake within the blockchain will get to “say what occurs.”
In Miller’s view, “that’s precisely how society works at present, it’s probably not a technological revolution.” In contrast, he known as Bitcoin’s proof‑of‑work consensus “a sport‑altering expertise,” arguing that the power value tied to creating new bitcoin underpins community integrity fairly than entrenching giant token holders.
Regulatory-driven rally
Miller linked latest market positive aspects in Ethereum to Washington’s coverage calendar, pointing to the signing of the GENIUS Act and the advance of the CLARITY Act.
President Donald Trump signed the GENIUS Act into legislation on July 18, creating the primary federal framework for greenback‑backed stablecoins.
The Home cleared it on July 17 after bundling it procedurally with CLARITY and an Anti‑CBDC measure the prior day. The Senate then authorised the consolidated model earlier than the invoice went to the White Home.
Whereas CLARITY moved as a part of that bundle to hurry ground motion, the enrollable textual content that finally grew to become legislation was the GENIUS stablecoin framework.
Miller’s level is that coverage momentum can carry belongings primarily based on proof of stake, however he doubts it alters the lengthy‑run race with Bitcoin. He added:
“Folks want to start out considering what issues these numerous blockchains remedy. And the reply is: most of them really don’t remedy any actual issues apart from Bitcoin.”
Fixing accountability
He framed Bitcoin as an answer to financial accountability, mentioning its clear and immutable ledger as a technique to audit “who owns what” and the place funds are flowing.
Different chains, in his view, don’t remedy a further drawback that Bitcoin hasn’t already addressed, they usually lack its liquidity and first‑mover momentum.
That thesis extends to company steadiness sheets:
“It’s my take that in 20 or 30 years, each firm can be a Bitcoin treasury firm.”
Moreover, the billionaire predicted that bond managers shopping for “Bitcoin‑regulated bonds” and fairness managers including Bitcoin‑linked exposures will outperform friends who don’t.
Miller concluded that it “stays to be seen” whether or not proof-of-stake expertise can ship an enduring benefit.
