为什么我仍然押注比特币

亿万富翁投资者、Miller Value Partners 董事长兼首席信息官 Bill Miller IV 在 6 月 11 日发表的题为“为什么我仍然押注比特币”的博客文章中重申了他对比特币坚定不移的信念。

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.

亿万富翁投资者比尔·米勒四世 (Bill Miller IV)、米勒价值合伙公司 (Miller Value Partners) 董事长兼首席信息官 (CIO) 在最新一篇题为“为什么我仍然押注比特币”的博客文章中分享了他对比特币的持续乐观态度。这篇文章强调了米勒对比特币在不断发展的全球资本治理和货币体系中的作用的看法。

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.

尽管比特币兑法定货币大幅上涨，但米勒认为，旗舰加密货币在很大程度上仍然“被低估”。他指出，考虑到比特币卓越的安全性和去中心化治理，比特币具有进一步渗透全球资本市场的巨大潜力。

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.

米勒认为，比特币的前景在于将对购买力变化的控制与与出生环境相关的权威脱钩。他认为，这种权威最终受到出生地点和时间的政府和央行的影响。

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.

米勒反驳了比特币高波动性的说法，强调法定货币在人类判断和政治操纵的驱动下具有内在的不稳定性。他强调了过度货币创造和政府支出的危险，最终导致货币贬值和通货膨胀。

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.

相比之下，比特币的去中心化治理和透明的全球账本为跨越时间和空间的产权转移提供了一个自动化、安全且不可更改的系统。米勒认为，这种无需人类许可或可能被没收的能力是比特币与众不同的一个关键特征。

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 与 NVIDIA、Google 和 Meta 等其他革命性技术进行了比较，强调了它们最初的被低估和随后的市场主导地位。他指出，尽管比特币目前的市值约为 1.5 万亿美元，但鉴于其重新定义全球资本市场的潜力，其真正的内在价值要高得多。

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.

这位亿万富翁投资者表示，比特币的市场份额仍然只占全球可寻址资本市场的一小部分。他认为，这种差异为投资者提供了一个绝佳的机会，可以将其投资组合的一小部分配置为比特币。

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.

米勒进一步指出，比特币正在成为资本和货币体系不断演变的格局中的核心参与者，他认为这一转变仍处于早期阶段。他补充说，世界法定资本正在接近 1000 亿美元，随着这些资本不可避免地转向数字技术，比特币将受益匪浅。

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.

米勒反思了比特币作为数字代币的本质，强调其独立于物理形式和中心化权威。他承认固有的风险和不确定性，但坚持认为潜在的回报证明了持续投资和兴趣的合理性。