Bill Miller Says Long-Term Investors Are Rotating From AI Into Crypto

Bill Miller says some long-term investors are beginning to rotate from AI into crypto.
The shift is being driven by two increasingly important macro themes.
First, investors are questioning whether current AI valuations can justify the enormous amounts of capital being spent on data centers, chips and infrastructure.
The AI opportunity remains real.
But expectations are extremely high, and the return on hundreds of billions of dollars in annual capex is coming under greater scrutiny.
Crypto offers a very different setup.
Miller argues that Bitcoin benefits from growing fiscal imbalances and increasingly aggressive government intervention in financial markets.
The U.S. is running a roughly $1.8 trillion budget deficit this year — a figure comparable to, and depending on Bitcoin’s price, potentially larger than the entire market value of $BTC.
That strengthens the case for Bitcoin as a scarce monetary asset in a world of persistent deficits and expanding liquidity.
Prediction markets are starting to reflect that upside as well.
Traders currently assign roughly a one-in-three chance that Bitcoin reaches $100,000 by the end of 2026.
The AI trade is about productivity and growth.
The Bitcoin trade is increasingly about scarcity and monetary credibility.