Bitcoin Shouldn’t Be Taxed, Says Fund Manager

Bill Miller IV, chief investment officer at Miller Value Partners, argues that the U.S. government has no legitimate claim to tax Bitcoin ownership, as it doesn’t require any state infrastructure to manage or verify property rights.

Speaking on the “Coin Stories” podcast, Miller explained that unlike assets such as real estate, where taxes fund the upkeep of ownership records and legal frameworks, Bitcoin’s decentralized blockchain handles those functions on its own.

“When you buy a home, taxes go toward recording and enforcing property rights,” he noted. “But with Bitcoin, none of that is necessary — the blockchain automates it all.”

Since the government neither created nor maintains Bitcoin’s system, Miller believes it makes little sense for them to collect taxes on it. “It’s important to remember — the blockchain handles property rights natively.”

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He also commented on recent political speculation, including Eric Trump’s alleged interest in scrapping capital gains tax on some digital assets. While Miller isn’t sure such proposals will succeed, he said the absence of a wash-sale rule for Bitcoin is already a positive step.

When asked whether Bitcoin could one day be subject to annual property taxes like real estate, Miller remained skeptical, saying there’s a reasonable argument against it.

He also pointed out that even professional investors face barriers when it comes to crypto. “Tax rules are still unclear, especially when it comes to how income from crypto ETFs is treated,” he said. “That’s why I keep saying — it’s still early days.”

Miller IV comes from a legacy of bold investors. His father, Bill Miller III, famously beat the S&P 500 for 15 years straight and has publicly said that half of his net worth is tied up in Bitcoin and crypto-related firms.

Alexander Zdravkov

Alexander has been working in the crypto industry for three years, during which time he has established himself through his active participation in monitoring market dynamics and technological innovations. His interest in cryptocurrencies and new technologies is not just a professional commitment, but a deep personal passion. He follows the news in the sector daily, analyzes trends, and is excited about every new step in the development of blockchain solutions. His enthusiasm drives him to continuously learn and share knowledge, as he sees the future in digital finance and its role in global transformation.