Bill Miller IV, chairman and chief investment officer at Miller Value Partners, stated on August 24 on CNBC that investors are shifting away from artificial intelligence toward cryptocurrency. Bitcoin posted its strongest three-day rally since 2023 during the week ending August 25, trading between $78,500 and $80,000. Miller pointed to government interventions, particularly the US Treasury doubling its buybacks of long-dated bonds, as catalysts for this upward trend. He also noted that the projected US budget deficit of $1.8 trillion in 2026, equivalent to Bitcoin’s market capitalization, warranted strategic allocation in the cryptocurrency. Miller Value Partners maintains approximately 10% exposure to digital assets.
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