Famous billionaire: ETH and SOL will ultimately not win, BTC has a unique advantage in PoW.

Billionaire Bill Miller IV stated in an interview with CNBC's "Closing Bell" on July 28 that proof-of-stake (PoS) blockchains like Ethereum (ETH) and Solana (SOL) are unlikely to "ultimately win." He believes that the proof-of-work (PoW) design of Bitcoin (BTC) provides durability that other networks cannot match. Miller's view challenges the market's general optimism towards PoS chains and emphasizes Bitcoin's unique position in addressing real-world problems and currency accountability.

The Governance Flaws of PoS and the Advantages of Bitcoin's PoW

Miller evaluated how the market structure proposal defines decentralization and pointed out: "If you look at how the CLARITY Act was drafted, you will find that it allows technologies like Ethereum and Solana Blockchains to be classified as 'decentralized', but in reality, they are not." He added that if these chains were to open today, "they would go through a completely different process."

His core objection is governance, describing attestation as allowing those who hold a large stake in the Blockchain to "decide what happens." In Miller's view, "this is exactly how society operates today, and it is not a true technological revolution." In contrast, he refers to Bitcoin's PoW consensus as "a game-changing technology," believing that the energy costs associated with creating new Bitcoin support the integrity of the network, rather than consolidating the position of large token holders.

Regulatory-driven rebound and the practical issues of Blockchain

Miller linked the recent market rise of Ethereum to Washington's policy agenda, pointing out the signing of the GENIUS Act and the advancement of the CLARITY Act. On July 18, President Donald Trump signed the GENIUS Act, creating the first federal framework for a dollar-backed stablecoin. The House approved the bill on July 17, bundling it procedurally with the CLARITY Act and an anti-CBDC measure the day before. The Senate subsequently approved the merged version, after which the bill was submitted to the White House.

Although CLARITY was introduced as part of the program to accelerate on-site actions, the ultimately registrable text that became law is the GENIUS stablecoin framework. Miller's view is that policy momentum can boost assets based on attestation, but he is skeptical whether this will change the long-term competitive landscape between Bitcoin and Bitcoin. He added, "People need to start thinking about what problems these different Blockchain solutions are solving. The answer is: apart from Bitcoin, most Blockchains actually do not solve any real problems."

Bitcoin: A Solution for Monetary Accountability and the Future of Corporate Finance

Miller sees Bitcoin as a solution for monetary accountability and mentions that its transparent and immutable ledger can serve as a way to audit "who owns what" and the flow of funds. In his view, other chains cannot solve the additional problems that Bitcoin has yet to address, and they lack liquidity and first-mover advantage.

This argument extends to the company balance sheet: "I believe that in 20 to 30 years, every company will become a Bitcoin financial company." Additionally, this billionaire predicts that bond managers who purchase "Bitcoin regulatory bonds" and stock managers who increase Bitcoin-related exposure will outperform their peers who do not. Miller's conclusion is that whether attestation technology can provide a lasting advantage remains to be seen.

Bill Miller IV's perspective brings new thinking to the cryptocurrency market. His firm support for Bitcoin's PoW design and skepticism about the governance flaws of PoS chains challenge the market's general view on assets like Ethereum and Solana. He emphasizes Bitcoin's unique position in addressing monetary accountability and predicts that businesses will widely adopt Bitcoin financial strategies in the future. This debate about the future direction of blockchain technology will continue to influence investor decisions.