Bitcoin looks set to push above its fall 2025 record, according to Bill Miller IV, chief investment officer at Miller Value Partners, who told CNBC the market has started to build a stronger base as policy and corporate signals turn friendlier for digital assets.
Miller, the son of veteran investor Bill Miller, played down the idea that Venezuela will shape the long-term path for crypto prices. “Well, I think Venezuela is going to be a blip on the radar in the long run,” he said, arguing that bigger forces matter more for Bitcoin’s next move.
He framed Bitcoin as a way to own an asset geared to long-running monetary trends.
“Disinflation has been the story of economic history for 800 years, which is why Bitcoin is a particularly interesting asset to own,” he said, adding that the market has reached what he sees as an inflection point.
Bitcoin’s 2025 Dip Looks Minor In Context Of Long-Term Volatility
Miller pointed to a shift in regulatory tone over the past year and a broader embrace of blockchain infrastructure by mainstream finance. In his view, that backdrop has changed the playbook for investors trying to size the next leg of the cycle.
On price action, he said the setup looks constructive again. “It looks like it’s ready to go again,” he said. “I personally expect it to break out to a higher high than its all-time high from the fall.”
Miller brushed off Bitcoin’s weak stretch in 2025 as noise relative to its history.
“It was down 6% in 2025. For an asset with that level of volatility over the long run, that’s not a big deal,” he said, urging investors to zoom out and view Bitcoin and gold through the same macro lens.
Miller Sees Value In Strategy After Stock’s Sharp Pullback
He then explained how he prefers to express that view in public markets, pointing first to Strategy, the company known for using leverage and capital markets to build large Bitcoin holdings. He said the stock’s recent underperformance has improved its valuation appeal.
Miller said Strategy now trades close to its net asset value and he does not expect meaningful downside from those levels. He added that the company’s structure provides leveraged exposure to Bitcoin, which could allow it to outperform if crypto markets turn decisively risk on.
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