Billionaire investor Bill Miller remains bullish on **Bitcoin**, despite its recent surge against global currencies. Miller believes Bitcoin is still **significantly undervalued** due to its transformative potential and inherent advantages over traditional monetary systems. He highlights the flaws in current monetary systems, susceptible to human error and influence, leading to currency debasement. Bitcoin's decentralized nature, automated ledger network, and secure property transfer system set it apart as a superior monetary governance system. Miller draws parallels to revolutionary technologies like **NVIDIA** and **Google**, emphasizing that Bitcoin represents a similar epistemic breakthrough. He anticipates Bitcoin's market capitalization to multiply in the future, as it offers a superior monetary system in a world of rapidly growing global capital.

Billionaire investor Bill Miller thinks Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) remains &#8220;significantly undervalued&#8221; despite its recent <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39272200/bitcoins-direction-ahead-of-huge-fomc-meeting-and-key-cpi-data-up-down-or-sideways">performance against fiat currencies</a>.
What Happened: Miller&#8217;s <a href="https://millervalue.com/why-im-still-betting-on-bitcoin/">insights</a> come from his latest publication, where he revisits his long-standing belief in the transformative potential of Bitcoin.
He first expressed his optimism about Bitcoin in a 2015 piece titled "A Value Investor&#039;s Case for…Bitcoin?!" and continues to see immense untapped potential in the digital asset.
&#8220;Despite Bitcoin recently hitting new highs against every fiat currency, I believe Bitcoin today is still significantly undervalued,&#8221; he remarked. 
Miller suggests that the world is in the early stages of a profound shift in how capital and its governance are perceived globally.
Highlighting the inherent issues within traditional monetary systems, Miller noted, &#8220;The challenge with current monetary systems is that humans control them, and human judgement is subject to error and influence.&#8221; 
He underscores the point that political and regulatory maneuvers often lead to currency ...<a href=https://www.benzinga.com/markets/cryptocurrency/24/06/39288207/billionaire-bill-miller-thinks-bitcoin-is-still-significantly-undervalued alt=Billionaire Bill Miller Thinks Bitcoin Is Still &#039;Significantly Undervalued&#039;>Full story available on Benzinga.com</a>

Loading...Loading...Billionaire investor Bill Miller thinks Bitcoin BTC/USD remains “significantly undervalued” despite its recent performance against fiat currencies.What Happened: Miller’s insights come from his latest publication, where he revisits his long-standing belief in the transformative potential of Bitcoin.He first expressed his optimism about Bitcoin in a 2015 piece titled "A Value Investor's Case for…Bitcoin?!" and continues to see immense untapped potential in the digital asset.“Despite Bitcoin recently hitting new highs against every fiat currency, I believe Bitcoin today is still significantly undervalued,” he remarked. Miller suggests that the world is in the early stages of a profound shift in how capital and its governance are perceived globally.Highlighting the inherent issues within traditional monetary systems, Miller noted, “The challenge with current monetary systems is that humans control them, and human judgement is subject to error and influence.” He underscores the point that political and regulatory maneuvers often lead to currency debasement, diminishing the value of money over time. According to Miller, Bitcoin offers a compelling alternative, free from the pitfalls of human intervention and manipulation.In his analysis, Miller references Lyn Alden‘s book “Broken Money,” which argues that the most efficient monetary technologies ultimately prevail.Also Read: Bitcoin Climbs Above $67.5K As Spot ETFs See $200M Outflows On TuesdayHe draws parallels between Bitcoin and other revolutionary technologies, such as those developed by NVIDIA, Google, and Meta, which have drastically outperformed other stocks. “Humans are notoriously bad at contextualizing the relevance and potential of new technologies,” Miller said, emphasizing that Bitcoin represents a similar epistemic breakthrough.“Bitcoin is a true technological breakthrough,” Miller stated, “as there now exists an effectively unalterable, automated and transparent global ledger network with decentralized governance.” He believes that this decentralized nature of Bitcoin enables a secure and accountable system for transferring property rights, independent of human intervention or the possibility of confiscation.Discussing Bitcoin’s intrinsic value, Miller expressed, “My view is that it's many multiples of its current $1.5 trillion market capitalization in a world of fiat governance systems fast approaching one quadrillion dollars of capital.” He argues that Bitcoin, despite its relatively small share of the global capital market, offers a superior monetary governance system compared to traditional fiat currencies.Miller concludes his analysis with a cautionary note: “Continuing to ignore Bitcoin will serve those who do it over the next decade as well as it has over the past one – not well.” What’s Next: As the world adapts to new financial paradigms, Miller’s endorsement of Bitcoin underscores the ongoing debate about the role of digital assets in the global economy.For more insights into the future of digital assets, industry stakeholders are encouraged to attend Benzinga’s Future of Digital Assets event on Nov. 19, where these topics will be explored in depth by experts and thought leaders.Read Next: Dogecoin, Shiba Inu Continue To Drive High Trading Volume, Report FindsImage created using artificial intelligence with Midjourney.Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Billionaire Bill Miller Thinks Bitcoin Is Still 'Significantly Undervalued'

Billionaire Bill Miller Affirms Bitcoin's Undervalued Status Amidst Market Performance

### Judges Question SEC's Crypto Regulations

A panel of **federal appeals court judges** in Philadelphia expressed skepticism towards the **U.S. Securities and Exchange Commission (SEC)** during a recent hearing. The judges scrutinized the SEC's ongoing refusal to provide **specific rules** regarding the sale of crypto tokens, particularly focusing on **Bitcoin** and **Ethereum**.

During the hearing before the **U.S. Court of Appeals for the Third Circuit**, lawyers for **Coinbase** and the SEC debated whether the regulator should clarify its rules after years of **"regulating by enforcement"** through sporadic lawsuits against crypto firms.

### SEC's Lack of Clarity

The three-judge panel, which included both **Democrat** and **Republican** appointees, pressed the SEC's attorney, **Ezekiel Hill**, for over an hour. They were particularly frustrated by Hill's refusal to clarify whether the SEC considers Bitcoin and Ethereum as **commodities**. Judge **Stephanos Bibas** challenged Hill, stating, **"You won't even tell us how the Howey Test applies to Bitcoin or Ether."** This remark highlights the SEC's ambiguity concerning the status of these major cryptocurrencies.

Judge **Thomas Ambro** also criticized the SEC's unwillingness to publish rulemaking, suggesting that it **"almost looks... as if you're going after [crypto] platforms in a way that will crush the industry."**

### SEC's Inconsistent Approach

Despite the lack of clarity, the SEC has approved **spot Bitcoin and Ethereum ETFs** earlier this year, which integrated these assets into the American economy and effectively classified them as **non-securities**. Coinbase’s attorney, **Eugene Scalia**, expressed his frustration, stating, **"I leave this court understanding the SEC’s views on this topic even less than when I entered."** 

Scalia highlighted the confusion surrounding the SEC's stance, emphasizing that this lack of clarity poses significant challenges for both the industry and the court itself. He concluded with a note of optimism, stating, **“This court, though, can do something about it.”**

Judges appeared displeased at the SEC's approach to crypto, with one alleging intent to "crush the industry" in a hearing over Coinbase.

Federal Judges Challenge SEC's Stance on Bitcoin and Ethereum Regulation

In an unexpected turn, **Harris** has openly embraced **cryptocurrency**, signaling a strategic move to engage with younger demographics. This initiative reflects a growing recognition of the importance of **digital currencies** in modern financial discussions. As young men increasingly turn to **crypto** for investment and financial independence, Harris's overture could be a game changer in political engagement. The implications of this shift are profound, potentially reshaping the dialogue around **financial literacy** and **economic empowerment** for the youth. 

![Crypto Connection](https://www.axios.com/favicon.ico)

The embrace of cryptocurrency by political figures not only highlights its growing legitimacy but also its crucial role in attracting a new generation of voters. As the landscape of money continues to evolve, so too must the strategies of those seeking to connect with the populace. This could lead to a more informed and involved youth, ready to participate in the **financial ecosystem** of the future.

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Harris's Bold Move: Embracing Cryptocurrency to Connect with the Youth

# The Shift in Bitcoin Mining Dominance

**Bitcoin’s global mining landscape** is undergoing a notable transformation as **U.S. mining companies** gain ground. A recent chart shared by CryptoQuant’s founder, Ki Young Ju, highlights this evolving trend by showcasing the geographical distribution of Bitcoin mining pools from 2015 to 2024. The chart vividly illustrates the shift of mining power from China to the U.S., with other countries playing a minor role.

![Bitcoin Mining Distribution](https://pbs.twimg.com/media/GYJhSrfasAAuin7?format=jpg&name=4096x4096)

## Decline of Chinese Mining Pools

From 2015 to 2021, **Chinese mining pools** held a dominant position, controlling nearly all of the Bitcoin network’s hashrate. This era of overwhelming Chinese dominance is visibly represented on the chart as a broad red area, indicating a near-monopoly by Chinese miners. Despite still holding a **significant share at 55% today**, China’s dominance has gradually declined since 2020, largely due to the **regulatory changes** imposed by the Chinese government on the crypto-mining sector, prompting many operations to relocate abroad.

## Rise of U.S. Mining Pools

In light of China’s regulatory crackdown, **U.S. mining pools** have begun to expand rapidly, now accounting for **40% of the Bitcoin network’s hashrate**. This growth, which began in mid-2021, has been fueled by the influx of Chinese miners seeking more favorable conditions. The chart’s blue area, representing U.S. mining pools, shows steady growth, underscoring the increasing influence of **American institutional miners**. This shift is significant, as the U.S. had a minimal presence in the mining sector before 2021.

## Energy Use and Emerging Mining Markets

The surge in U.S. mining activity has also led to increased **energy consumption**. According to a report from the U.S. Energy Information Administration (EIA), Bitcoin mining accounted for **0.6% to 2.3% of the U.S. total energy demand** in 2023. This electricity usage is comparable to the annual power consumption of several states, including **Utah and West Virginia**, and equates to the needs of **three to six million homes**.

As the U.S. continues to grow, other regions, such as **Russia**, are also making regulatory strides. In August, Russian President **Vladimir Putin** signed a law recognizing cryptocurrency mining as a legitimate business, establishing a formal framework for mining activities within the country.

**Disclaimer**: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

U.S. Bitcoin mining pools now account for 40% of the network's hashrate, marking a significant shift as Chinese dominance declines due to regulatory changes.

The Rise of U.S. Bitcoin Mining: A Game Changer in Global Hashrate Dynamics

### In This Story

Bitcoin and **Ether**, the two largest cryptocurrencies by market capitalization, were thriving on Monday morning, **buoyed by the U.S. Federal Reserve’s recent interest rate cut**. Bitcoin was trading near **$63,000**, up **1.2%** in the past 24 hours and nearly **8%** over the week. Ether, meanwhile, was hovering around **$2,600**, with a **2.5%** gain in the last 24 hours and an impressive **15% rise** over the week, according to [CoinMarketCap](https://coinmarketcap.com/).

The surge follows a pivotal decision by the **Federal Open Market Committee (FOMC)** last Wednesday, when the Fed lowered interest rates by **50 basis points**, setting the federal funds target range at **4.75% to 5.00%**. This move had an immediate and positive effect on risk assets, with cryptocurrencies leading the charge. The overall crypto market followed suit, with altcoins including **Solana** (SOL), **Dogecoin**, and **Cardano** gaining **8.5%**, **4.9%**, and **5.9%**, respectively, over the past week.

However, it was the **AI-driven token sector** that saw the most dramatic growth. Tokens such as **Artificial Superintelligence Alliance (FET)**, **Bittensor (TAO)**, and **Sui (SUI)** surged **25%**, **81%**, and **38%** in a week, respectively, as investors poured in, eager to capitalize on the momentum sparked by the Fed’s rate cut.

### A Recovery May Be on the Way for Crypto ETFs

The [spot Bitcoin exchange-traded funds (ETFs)](https://qz.com/best-spot-bitcoin-etfs-1851340637) and the [spot Ether ETFs](https://qz.com/here-are-the-9-spot-ether-etfs-1851602569) have been struggling since September. According to ETF tracker Farside, while spot Bitcoin ETFs experienced mixed inflows and outflows in September, spot Ether ETFs saw predominantly outflows. However, this trend may shift in the coming days following the Fed’s interest rate cut, potentially encouraging investors to allocate more funds to the crypto ETFs.

The rise in the value of the top two cryptocurrencies has boosted the entire crypto market

Ethereum Outshines Bitcoin as Fed Rate Cut Ignites Crypto Surge

### Fed's Surprising Rate Cut

**BitMEX co-founder Arthur Hayes** has shared his thoughts on the Federal Reserve's recent decision to cut interest rates by **50 basis points**. He believes this move is strategically aimed at bolstering **Kamala Harris' presidential campaign**.

In a recent interview with Cointelegraph, Hayes stated that **Fed Chair Jerome Powell** and **Treasury Secretary Janet Yellen** are collaborating to enhance the prospects of Harris succeeding in the upcoming presidential election. He elaborated,  
> "I have a macro view that Jay Powell and Janet Yellen want to juice financial markets to help Kamala Harris win the election. This aligns with the thesis that the US economy is currently **extremely strong**."

### Current Economic Landscape

Hayes pointed out that the **GDP growth** for the third quarter was around **2%**, coupled with **historically low unemployment** rates. He questioned the rationale behind the Fed's rate cut, especially when the economy seemed to be thriving:
> "Why is the Fed cutting rates? It seems like the current rate regime was perfectly fine with a growing US economy. So, what was so bad that they needed to cut 0.5% – the largest rate cut since March of 2020?"

He posits that the intention behind this rate reduction is to elevate market performance, making citizens feel wealthier as they head to the polls in November.

### Consequences of the Rate Cut

However, Hayes warns that this aggressive rate cut could lead to **accelerated inflation**, which Americans will inevitably feel post-election. He questioned the logic of making borrowing cheaper amidst concerns about reckless government spending:
> "Inflation is going to accelerate after this point because if people have been saying that the US government has been recklessly spending money, how does making it cheaper for them to borrow help that position?"

![Federal Reserve Rate Cut](https://dailyhodl.com/wp-content/uploads/2024/07/bank-battle-dollar.jpg)

### Further Insights

For more insights, check out the [video interview](https://www.youtube.com/embed/2HckuHoCL-E?si=Ky2IGwH3ZcGIOh55) where Hayes dives deeper into these topics.

*Disclaimer: The opinions expressed in this article are not investment advice. Investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets.*

BitMEX co-founder Arthur Hayes believes the Federal Reserve slashed interest rates by 50 basis points to boost Kamala Harris' presidential campaign.

Why Did the Fed Cut Rates by 50 Basis Points? Arthur Hayes Weighs In on Political Implications

Bitcoin has long dominated the cryptocurrency market, but savvy investors are always looking for the next big opportunity. Many are concerned they have missed the boat on Bitcoin's meteoric rise.

With **Bitcoin’s price already so high**, the potential for **massive returns** is also **limited** due to **higher volatility**. Meanwhile, **numerous promising altcoins** are flying under the radar, **poised for explosive growth** that could far **outpace Bitcoin** in the coming times. **Investors** who **ignore these opportunities** risk **missing out** on **life-changing gains**.

By **identifying** and **investing** in the **right altcoins**, forward-thinking **crypto enthusiasts** can **position themselves for returns that could dwarf Bitcoin’s performance**. This article reveals the **best altcoins to buy now** that will outperform Bitcoin over the coming months, **giving you up to 200x profits by this December**.

## Best Altcoins To Buy Now  
The following are the **best altcoins to buy now** with a higher potential to surpass Bitcoin’s performance:

1. **[5thScape (5SCAPE)](https://5thscape.com/?u_id=bP1X1O)**
2. **BlockDAG (BDAG)**
3. **EarthMeta (EMT)**
4. **Pepe Unchained (PEPU)**
5. **Notcoin (NOT)**
6. **Cardano (ADA)**
7. **Sandbox (SAND)**

### 1. 5thScape (5SCAPE)  
**5thScape (5SCAPE)** is an **emerging altcoin** that’s quickly becoming a favorite among crypto enthusiasts, especially those interested in the **fusion of virtual reality (VR) and blockchain technology**. Built on the **Ethereum blockchain**, 5thScape aims to **revolutionize** the **virtual reality (VR)** and **augmented reality (AR)** experience by creating a **decentralized platform** where **users can engage** in **hyper-realistic virtual environments**.

![Invest in 5thScape VR Presale](https://bravenewcoin.com/wp-content/uploads/2024/09/Invest-in-5thScape-VR-Presale.jpg)

The project utilizes **5SCAPE tokens** as the **primary currency** for **transactions within its ecosystem**, offering users access to **premium VR content**, games, educational materials, and more. What sets **5thScape** apart is its emphasis on **creating a secure and transparent environment**, ensured by its recent SolidProof audit.

With plans for **continuous expansion**, including **partnerships with tech giants** and the launch of **new VR-based applications**, **5thScape** is well-positioned to **outperform Bitcoin**. Compared to **high-cap cryptocurrencies**, its low market cap provides **significant room for growth**, making it a **compelling investment** option for those looking to **capitalize on the future of VR and AR technologies**.

### 2. BlockDAG (BDAG)  
**BlockDAG (BDAG)** is carving a niche in the blockchain world with its innovative Directed Acyclic Graph (DAG) structure, which offers a groundbreaking solution to the limitations of traditional blockchain systems. Unlike conventional blockchains, BlockDAG’s architecture allows for **parallel processing of transactions**, resulting in faster, more scalable networks handling thousands of transactions per second.

### 3. EarthMeta (EMT)  
**EarthMeta (EMT)** is a pioneering project that seamlessly integrates blockchain technology with the growing demand for **sustainability** and **environmental consciousness**. Designed as a next-gen metaverse platform, EarthMeta offers a digital replica of the real world, allowing users to own virtual land and engage in governance.

### 4. Pepe Unchained (PEPU)  
**Pepe Unchained (PEPU)** is redefining the meme coin market by combining the appeal of meme culture with the power of **Layer 2 blockchain technology**. PEPU aims to create a robust ecosystem where users can trade, stake, and participate in decentralized finance (DeFi) applications.

### 5. Notcoin (NOT)  
**Notcoin (NOT)** is an innovative cryptocurrency that challenges conventional expectations by branding itself as a “not-so-serious” token. It features a capped supply, ensuring that scarcity drives demand, and its ecosystem includes staking opportunities.

### 6. Cardano (ADA)  
**Cardano (ADA)** stands out due to its strong emphasis on **academic research**, peer-reviewed protocols, and a commitment to **scalability** and **sustainability**. Its layered architecture enhances security and scalability, making ADA a versatile asset in the evolving digital economy.

### 7. Sandbox (SAND)  
**Sandbox (SAND)** is a decentralized virtual gaming ecosystem that allows users to create, own, and monetize their gaming experiences on the Ethereum blockchain. It empowers creators to design and build immersive 3D worlds, contributing to the platform’s growth.

The cryptocurrency market is evolving rapidly, presenting exciting opportunities beyond Bitcoin. These altcoins leverage innovative technologies and diverse approaches to solving real-world problems, positioning them well to outperform Bitcoin in the coming years. **Investors looking to diversify their crypto portfolios should consider these promising altcoins.**

Bitcoin has long dominated the cryptocurrency market, but savvy investors are always looking for the next big opportunity. Many are concerned they have missed the boat on Bitcoin's meteoric rise.

Unlock Massive Profits: 7 Altcoins to Outshine Bitcoin in 2024!

## Bitcoin's Critical Milestone

Bitcoin has reached a **critical milestone** 161 days after its April halving, mirroring a pivotal moment from **2020** when the digital asset broke out from its reaccumulation range. **Rekt Capital** highlighted this temporal alignment, noting that in **2020**, Bitcoin began a significant **upward move** exactly 161 days post-halving.

## Historical Parallels

Rekt Capital’s chart compares the post-halving periods of **2020** and **2024**, revealing striking similarities. Both times, Bitcoin entered a **reaccumulation phase** lasting approximately 161 days after the halving events, culminating in a **parabolic rally** as Bitcoin broke through resistance levels it had repeatedly tested.

![Bitcoin 161 days post-halving (Rekt Capital)](https://pbs.twimg.com/media/GYF0ksGX0AEn1i8?format=jpg&name=medium)

## Support and Resistance Levels

Support and resistance levels in both periods show consistent **testing and retesting**, forming a foundation for possible **upward momentum**. Rounded bottom patterns observed in the charts signal **accumulation** and may further support the breakout thesis.

## Market Conditions Matter

While historical patterns indicate the potential for a significant move, differences in **market conditions**, such as volume, highlight that outcomes may not be identical. A notable difference is the **trading volume** on the chart, which uses **Bitstamp**. In **2020**, Bitstamp’s volume during the 161-day post-halving period was **1.183 million**, whereas in **2024**, it stands at **313,081**. This divergence suggests a change in market participation, which could impact the nature of any potential breakout.

Across all exchanges, **CryptoSlate’s** chart shows **2.5 million** in trading volume since this year’s halving, compared to **4 million** in the 161 days after the **2020 halving**. This confirms the reduction in volume since the comparative period last cycle, with Bitstamp seeing a **73% decline** and TradingView’s combined index depicting a **37% decrease**.

![Bitcoin cycle chart (TradingView)](https://cryptoslate.com/wp-content/uploads/2024/09/Screenshot-2024-09-23-at-12.43.11.png)

Rekt Capital's analysis draws parallels between 2020 and 2024 Bitcoin post-halving trends

Billionaire Bill Miller Affirms Bitcoin's Undervalued Status Amidst Market Performance

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Is Bitcoin Primed for a 2020-Style Bull Run? Key Insights 161 Days Post-Halving!