Bill Miller IV, Chief Investment Officer of Miller Value Partners, stated that the government has no right to tax Bitcoin, as managing ownership does not require any administrative intervention.
“It's actually not very reasonable for the government to intervene in taxation like this,” Miller said to Natalie Brunell on the Coin Stories podcast on Wednesday.
As an early advocate of Bitcoin (BTC), Miller pointed out that Bitcoin is different from traditional assets like real estate, as it does not rely on government infrastructure to verify or enforce property rights.
“When you buy and sell houses, all the registration taxes and various taxes are to record who owns what,” Miller said.
“In reality, if you think about it, the fundamental reason we pay taxes in society is to protect property rights,” he added.
Miller emphasized that these are not necessary for Bitcoin. “The government did not create Bitcoin, and that’s important,” he said, adding:
Earlier this year, there were rumors that Eric Trump, son of former U.S. President Donald Trump, proposed eliminating capital gains tax on some cryptocurrencies in the U.S. Regarding whether Bitcoin might be exempt from capital gains tax, Miller stated, “Whether it will ultimately happen, no one can be sure, but it’s worth noting that Bitcoin has no wash sale rules, which is quite interesting.”
When asked if he thinks Bitcoin will be subject to property tax based on market value like U.S. real estate in the future, he expressed uncertainty but said, “There’s plenty of reason not to do that.”
Meanwhile, Miller noted that traditional asset managers still face obstacles when purchasing Bitcoin, primarily due to the uncertainty surrounding tax rules.
“Even as fund managers, we still face significant obstacles when actually buying. For example, if we buy an ETF and sell at an inappropriate time, the tax regulations regarding bad income are not yet clear, and these issues need further clarification,” he said.
“This is also why I have always emphasized that Bitcoin is still in its early stages, as the tax rules associated with it are still full of variables,” he added.
Bill Miller IV is the son of legendary investor Bill Miller III, who outperformed the S&P 500 for 15 consecutive years at investment giant Legg Mason.
In a January 2022 interview, Miller III revealed that he had invested 50% of his net worth into Bitcoin and related industry companies, including Strategy, founded by Michael Saylor, and Bitcoin mining company Stronghold Digital Mining.
Related: Independent Bitcoin (BTC) miners "miraculously" earn $350,000 with 2.3 PH/s hash power
Original article: “Fund Manager: Taxing Bitcoin (BTC) is ‘Not Very Reasonable’”
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