Billionaire Invoice Miller IV says proof‑of‑stake blockchains comparable to 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 current US coverage strikes might give proof‑of‑stake belongings a brief‑time period enhance, however not an enduring edge over Bitcoin.
Miller assessed how market construction proposals outline decentralization:
“In the event you have a look at the best way 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 the moment, “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 the moment, it’s probably not a technological revolution.” Against this, he referred to as Bitcoin’s proof‑of‑work consensus “a recreation‑altering know-how,” arguing that the vitality price tied to creating new bitcoin underpins community integrity somewhat than entrenching giant token holders.
Regulatory-driven rally
Miller linked current market positive factors 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 authorized the consolidated model earlier than the invoice went to the White Home.
Whereas CLARITY moved as a part of that package deal to hurry ground motion, the enrollable textual content that in the end 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 begin considering what issues these numerous blockchains remedy. And the reply is: most of them really don’t remedy any actual issues aside 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 an extra downside that Bitcoin hasn’t already addressed, and so they lack its liquidity and first‑mover momentum.
That thesis extends to company stability sheets:
“It’s my take that in 20 or 30 years, each firm will likely 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 know-how can ship an enduring benefit.
