Bill Miller IV, chief investment officer at Miller Value Partners, believes governments have no right to tax Bitcoin since it does not require government services to maintain or verify ownership. Speaking on the Coin Stories podcast on Wednesday, Miller argued that Bitcoin’s structure challenges traditional assumptions about taxation. “For them to reach their hand in there doesn’t make a ton of sense,” Miller said, emphasizing that while traditional assets depend on government systems to enforce and record property rights, Bitcoin operates independently on its blockchain. Blockchain Enforces Ownership, Not Governments Miller, an early advocate for Bitcoin , explained that the digital asset eliminates the need for the administrative infrastructure typically required to manage ownership of assets like real estate. “When you buy or sell a house, all that recordation tax, all those taxes go toward keeping track of who owns what,” he said. He argued that taxes exist to enforce property rights within society, a function that Bitcoin’s blockchain already fulfills without government intervention. “The blockchain does that property automation for itself,” Miller noted. He also pointed out that since governments did not create Bitcoin, the idea of taxing it in the same way as physical property becomes questionable. Earlier this year, rumors circulated that Eric Trump, son of former President Donald Trump, had proposed eliminating capital gains taxes on certain cryptocurrencies in the U.S. While Miller acknowledged the discussion around exempting BTC from capital gains tax , he remarked, “Whether that ultimately happens or not, who knows, but it is very cool that there is no wash sale rule on Bitcoin.” When asked whether Bitcoin could ever face property taxes similar to those imposed on real estate, Miller noted there is a “good argument” for why it should not. Tax Uncertainty Shows It’s Still Early for Bitcoin Despite Bitcoin’s growing adoption, Miller highlighted that tax uncertainties continue to hinder institutional investors. “Even as fund managers, we still have huge impediments to actually buying it because taxation rules around bad income if we buy ETFs and sell them at the wrong time, so that all needs to be worked out,” he explained. “That’s why I continue to say it is still early because the taxation rules around it are really interesting,” he added, underscoring the evolving regulatory landscape surrounding BTC. Miller IV is the son of veteran investor Bill Miller III, who in January 2022 revealed he had allocated 50% of his net worth to BTC and investments in major industry players, including Michael Saylor’s Strategy and mining firm Stronghold Digital Mining. The post Bitcoin Shouldn’t Be Taxed, Says Miller Value Partners CIO appeared first on TheCoinrise.com .