Bill Miller IV says investors are rotating out of AI and into crypto

Bill Miller IV, chairman and chief investment officer at Miller Value Partners, went on CNBC’s Closing Bell on August 24 to make a case that would have sounded contrarian six months ago but now feels increasingly mainstream: the AI trade is getting crowded, and smart money is rotating into crypto. Bitcoin had just posted its strongest three-day rally since 2023 during the week ending August 25, trading between $78,500 and $80,000. Miller’s explanation for the move wasn’t about crypto-native catalysts. It was about what’s happening everywhere else. The AI fatigue thesis Miller framed the shift toward Bitcoin not as a speculative pivot but as a strategic one. Investors aren’t chasing the next meme coin rally. They’re looking for assets that sit outside the traditional equity-bond framework, particularly when that framework is under stress from multiple directions. This perspective aligns with earlier commentary from macro investor Jordi Visser, who has similarly argued that capital would eventually flow from overvalued tech narratives into harder assets. Government interventions as crypto catalysts Miller pointed to a string of government actions that he believes created the conditio...