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Billionaire Bill Miller IV says proof‑of‑stake blockchains specified arsenic Ethereum and Solana are improbable to “win astatine the extremity of the day,” arguing that Bitcoin’s proof‑of‑work plan confers a durability different networks can’t match.
In a July 28 interview with CNBC’s “Closing Bell,” the billionaire capitalist said caller US argumentation moves whitethorn springiness proof‑of‑stake assets a short‑term boost, but not a lasting borderline implicit Bitcoin.
Miller assessed however marketplace operation proposals specify decentralization:
“If you look astatine the mode the authorities [the CLARITY Act] was written, it allows technologies similar Ethereum and Solana blockchains to beryllium classified arsenic ‘decentralized,’ erstwhile they are really not.”
He added that if those chains launched today, “they would spell done a overmuch antithetic process.”
His halfway objection is governance, describing impervious of involvement arsenic whoever has a large involvement successful the blockchain gets to “say what happens.”
In Miller’s view, “that’s precisely however nine works today, it’s not truly a technological revolution.” By contrast, helium called Bitcoin’s proof‑of‑work statement “a game‑changing technology,” arguing that the vigor outgo tied to creating caller bitcoin underpins web integrity alternatively than entrenching ample token holders.
Regulatory-driven rally
Miller linked caller marketplace gains successful Ethereum to Washington’s argumentation calendar, pointing to the signing of the GENIUS Act and the beforehand of the CLARITY Act.
President Donald Trump signed the GENIUS Act into instrumentality connected July 18, creating the archetypal national model for dollar‑backed stablecoins.
The House cleared it connected July 17 after bundling it procedurally with CLARITY and an Anti‑CBDC measurement the anterior day. The Senate past approved the consolidated mentation earlier the measure went to the White House.
While CLARITY moved arsenic portion of that bundle to velocity level action, the enrollable substance that yet became instrumentality was the GENIUS stablecoin framework.
Miller’s constituent is that argumentation momentum tin assistance assets based connected impervious of stake, but helium doubts it alters the long‑run contention with Bitcoin. He added:
“People request to commencement reasoning what problems these assorted blockchains solve. And the reply is: astir of them really don’t lick immoderate existent problems but for Bitcoin.”
Solving accountability
He framed Bitcoin arsenic a solution to monetary accountability, mentioning its transparent and immutable ledger arsenic a mode to audit “who owns what” and wherever funds are flowing.
Other chains, successful his view, don’t lick an further occupation that Bitcoin hasn’t already addressed, and they deficiency its liquidity and first‑mover momentum.
That thesis extends to firm equilibrium sheets:
“It’s my instrumentality that successful 20 oregon 30 years, each institution volition beryllium a Bitcoin treasury company.”
Furthermore, the billionaire predicted that enslaved managers buying “Bitcoin‑regulated bonds” and equity managers adding Bitcoin‑linked exposures volition outperform peers who don’t.
Miller concluded that it “remains to beryllium seen” whether proof-of-stake exertion tin present a lasting advantage.
The station Billionaire Bill Miller IV says Ethereum and Solana won’t triumph ‘at the extremity of the day’ appeared archetypal connected CryptoSlate.
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