Bill Miller Challenges the Logic Behind Taxing Bitcoin

Governments do not have the right to tax Bitcoins because the administration of ownership rights does not require any administrative effort, says Miller Value Partners Bill Miller IV.

“To get there in hand, he doesn’t give a ton of meaning,” Miller said Natalie Brunell on the Podcast of Coin Stories on Wednesday.

Blockchain performs ownership, not the government

Miller, known for his early bitcoins (BTC) Advocation, said that bitcoin does not rely on government infrastructure in verification or recovery of ownership rights, unlike traditional assets such as real estate.

“When you buy or sell a house, all the recording tax, all these taxes are aimed at watching who owns what,” Miller said.

“The fact is that if you are thinking about why you pay taxes in society, it is to promote ownership rights,” he added.

Miller said it is not necessary for Bitcoins. “The government did not create bitcoins, so it is an important point to keep in mind,” he said, adding:

“Blockchain does this automation of properties for yourself, right?”

At the beginning of this year, rumors spread that the son of US President Donald Trump Eric Trump proposed to remove taxes from capital profits from some US -based cryptocurrencies. Regarding the possibility that bitcoins are exempt from capital revenue tax, Miller said: “Whether it happens or not who knows, but it is very great that there is no rule of sales of washing.”

Asked if they see that bitcoins sometimes have real estate tax, just like the real estate are taxed in the US every year on the basis of market value, he says he is not sure, but “there is a good argument for not.”

Bitcoin tax uncertainties’ signals “is still early”

Meanwhile, Miller said that traditional asset managers still face obstacles to buying bitcoins, mainly because of the uncertainty of taxation.

“Even as fund managers, we still have huge obstacles to actually buy it, because tax rules around poor income if we buy ETF and sell them at the wrong time, so we need to work out,” he said.

Related: Is crypto still taxed in Australia? Explained the main legal update

“Therefore, I continue to say that it is still soon, because the rules of taxation around him are really interesting,” he added.

Bill Miller IV is the son of the legendary investor Bill Miller III, a fund manager who is known for the defeat S&P 500 for 15 consecutive years in the Investment Giant Legg Mason.

In an interview with January 2022 Miller III said that holding 50% of its net assets in bitcoins and related investment in major industrial companies as Michael SaylorStrategy and BTC mining company solid digital mining.

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