Bill Miller IV: Governments Have No Right to Tax Bitcoin Ownership

  • Bill Miller IV says governments should not tax Bitcoin because it requires no public administration to manage ownership rights.
  • Miller explains that Bitcoin’s blockchain system records ownership, removing the government’s traditional role.
  • He suggests there is a strong argument against imposing property or capital gains taxes on Bitcoin.
  • Miller notes ongoing tax uncertainty continues to slow institutional adoption of Bitcoin.
  • He highlights that current U.S. tax rules for Bitcoin differ from those applied to traditional assets.

Bill Miller IV, chief investment officer at Miller Value Partners, stated that governments have no justification for taxing Bitcoin. He made these remarks while speaking on the Coin Stories podcast with Natalie Brunell. According to Miller, Bitcoin’s decentralized blockchain system handles ownership tracking, making government involvement in tax collection unnecessary.

- Advertisement -

Miller compared Bitcoin to traditional assets like real estate, where taxes help fund systems that track and enforce ownership rights. He said, “When you buy or sell a house, all that recordation tax, all those taxes go toward keeping track of who owns what.” He emphasized that such administration does not apply to Bitcoin, adding, “The blockchain does that property automation for itself, right?”

While discussing rumors about potential U.S. tax changes—including Eric Trump allegedly calling for an end to capital gains taxes on select cryptocurrencies—Miller said, “Whether that ultimately happens or not, who knows but it is very cool that there is no wash sale rule on Bitcoin.” He also addressed the idea of a property tax on Bitcoin, stating, “there is a good argument for it not to” because the government did not create Bitcoin or maintain its records.

Miller explained that ongoing regulatory uncertainty continues to be a challenge for institutional investors. “Even as fund managers, we still have huge impediments to actually buying it because taxation rules around bad income if we buy ETFs and sell them at the wrong time, so that all needs to be worked out,” he stated.

Bill Miller IV is the son of Bill Miller III, a fund manager who achieved notable investment success at Legg Mason. In 2022, Bill Miller III reported that half of his personal wealth was held in Bitcoin and related companies, such as Michael Saylor’s firm and Stronghold Digital Mining.

Additional legislative developments, such as the GENIUS Act, may further affect Bitcoin and cryptocurrency regulations. For more details on Miller’s comments, see Natalie Brunell’s post.

✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.

Previous Articles:

- Advertisement -

Latest News

Crypto Analyst Claims Bitcoin OGs Losing Faith Amid Institutions

Early Bitcoin investors are reportedly selling their holdings amid increased institutional participation.Analyst Scott Melker...

Solo Bitcoin Miner Strikes Block, Earns $373K Amid Rising Difficulty

A solo Bitcoin miner earned $372,773 by mining block 907283 on Saturday.The block contained...

Coinbase Base App Rebrand Sparks Zora Token and SocialFi Surge

Coinbase rebranded its Wallet to the Base App on July 16, sparking a surge...

Solana Holds $177 Support as ETF Delays Weigh, Eyes $205 Rebound

Solana (SOL) saw its price fall by 3.2% this week after a strong rise...

Astronomer Turns Viral CEO Kiss Cam Scandal Into Data-Driven Win

Astronomer, a data infrastructure company, faced a viral public incident involving its CEO and...

Must Read

What Is the Dencun Upgrade for Ethereum?

The Dencun Upgrade for Ethereum is poised to revolutionize the blockchain landscape, offering improved scalability, efficiency, and groundbreaking features. Set to launch at the...