為什麼我仍然押注比特幣

億萬富翁投資者、Miller Value Partners 董事長兼首席資訊長Bill Miller IV 在6 月11 日發表的題為「為什麼我仍然押注比特幣」的部落格文章中重申了他對比特幣堅定不移的信念。

Billionaire investor Bill Miller IV, the Chairman and CIO of Miller Value Partners, has shared his continued optimism for Bitcoin in a latest blog post titled “Why I’m Still Betting on Bitcoin.” The post highlights Miller’s perspective on Bitcoin’s role in the evolving global capital governance and monetary system.

億萬富翁投資者比爾·米勒四世(Bill Miller IV)、米勒價值合夥公司(Miller Value Partners) 董事長兼首席資訊長(CIO) 在題為“為什麼我仍然押注比特幣”的最新部落格文章中分享了他對比特幣的持續樂觀態度。這篇文章強調了米勒對比特幣在不斷發展的全球資本治理和貨幣體系中的作用的看法。

Despite Bitcoin’s significant gains against fiat currencies, Miller argues that the flagship cryptocurrency remains largely “undervalued.” He points out the vast potential for Bitcoin to penetrate further into the global capital market, considering its superior security and decentralized governance.

儘管比特幣兌法定貨幣大幅上漲，但米勒認為，旗艦加密貨幣在很大程度上仍然「被低估」。他指出，考慮到比特幣卓越的安全性和去中心化治理，比特幣具有進一步滲透全球資本市場的巨大潛力。

According to Miller, the promise of Bitcoin lies in decoupling the control over changes in purchasing power from an authority tied to the circumstances of one’s birth. This authority, he argues, is ultimately influenced by the government and central bank at the place and time of birth.

米勒認為，比特幣的前景在於將對購買力變化的控制與與出生環境相關的權威脫鉤。他認為，這種權威最終受到出生地點和時間的政府和央行的影響。

Countering the narrative of Bitcoin’s high volatility, Miller emphasizes the inherent instability of fiat currencies, driven by human judgment and political manipulation. He highlights the dangers of excessive monetary creation and government spending, ultimately leading to currency devaluation and inflation.

米勒反駁了比特幣高波動性的說法，強調法定貨幣在人類判斷和政治操縱的驅動下具有固有的不穩定性。他強調了過度貨幣創造和政府支出的危險，最終導致貨幣貶值和通貨膨脹。

In contrast, Bitcoin’s decentralized governance and transparent global ledger provide an automated, secure, and unalterable system for transferring property rights through time and space. This capability, without human permission or the possibility of confiscation, is a key feature that Miller believes sets Bitcoin apart.

相較之下，比特幣的去中心化治理和透明的全球帳本為跨越時間和空間的產權轉移提供了一個自動化、安全且不可更改的系統。米勒認為，這種無需人類許可或可能被沒收的能力是比特幣與眾不同的關鍵特徵。

Drawing parallels with other revolutionary technologies, such as NVIDIA, Google, and Meta, Miller highlights their initial undervaluation and subsequent market dominance. He points out that despite Bitcoin’s current market capitalization of around $1.5 trillion, its true intrinsic value is far higher, given its potential to redefine the global capital market.

Miller 與 NVIDIA、Google 和 Meta 等其他革命性技術進行了比較，強調了它們最初的被低估和隨後的市場主導地位。他指出，儘管比特幣目前的市值約為 1.5 兆美元，但鑑於其重新定義全球資本市場的潛力，其真正的內在價值要高得多。

According to the billionaire investor, Bitcoin’s market share is still a fraction of the world’s addressable capital market. This disparity, he argues, presents a compelling opportunity for investors to allocate a small portion of their portfolios into Bitcoin.

這位億萬富翁投資者表示，比特幣的市場份額仍然只佔全球可尋址資本市場的一小部分。他認為，這種差異為投資者提供了一個絕佳的機會，可以將其投資組合的一小部分配置為比特幣。

Miller further states that Bitcoin is in the process of becoming a central player in the evolving landscape of capital and monetary systems, a shift that he believes is still in its early stages. He adds that the world is approaching one quadrillion dollars in fiat capital, and as this capital inevitably pivots toward digital technologies, Bitcoin stands to benefit immensely.

米勒進一步指出，比特幣正在成為資本和貨幣體係不斷演變的格局中的核心參與者，他認為這一轉變仍處於早期階段。他補充說，世界法定資本正在接近 1000 億美元，隨著這些資本不可避免地轉向數位技術，比特幣將受益匪淺。

Reflecting on Bitcoin’s nature as a digital token, Miller highlights its independence from physical form and centralized authority. He acknowledges the inherent risks and uncertainties but maintains that the potential rewards justify continued investment and interest.

米勒反思了比特幣作為數位代幣的本質，強調其獨立於實體形式和中心化權威。他承認固有的風險和不確定性，但堅持認為​​潛在的回報證明了持續投資和興趣的合理性。