Bitcoin could soon push past its fall 2025 record, according to Bill Miller IV, chief investment officer at Miller Value Partners. Speaking to CNBC, Miller said the market appears to be building a stronger foundation as government policy and corporate attitudes toward digital assets continue to soften.
Miller, the son of well-known investor Bill Miller, downplayed concerns that recent geopolitical developments — including Venezuela — would have any lasting impact on crypto prices. “In the long run, Venezuela is going to be a blip on the radar,” he said, adding that much bigger forces are shaping Bitcoin’s next move.
He described Bitcoin as a way to gain exposure to long-term monetary trends rather than short-term headlines. “Disinflation has really been the story of economic history for the past 800 years,” Miller said. “That’s why Bitcoin is such an interesting asset to own.” In his view, the market has reached an important turning point.
A small dip in a volatile market
Miller pointed to a clear shift in regulatory tone over the past year, along with growing adoption of blockchain technology by traditional financial players. That combination, he said, has changed how investors should think about the next phase of the crypto cycle.
From a price perspective, Miller believes Bitcoin is setting up for another move higher. “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 peak from the fall.”
He also brushed off Bitcoin’s pullback earlier in 2025, calling it insignificant when viewed in context. “It was down about 6% in 2025,” Miller noted. “For an asset with this kind of long-term volatility, that’s not a big deal.” He encouraged investors to take a step back and think about Bitcoin the same way they think about gold — through a broader macro lens.
Why Miller likes Strategy after the pullback
Miller also shared how he prefers to express his bullish view in public markets. One of his preferred vehicles is Strategy, the company known for building large Bitcoin holdings using leverage and capital markets.
He said the stock’s recent underperformance has made it more attractive, noting that it’s now trading close to its net asset value. From here, Miller doesn’t see much downside and believes the company offers leveraged exposure to Bitcoin — which could allow it to outperform if crypto markets swing decisively back into “risk-on” mode.
Overall, Miller’s message was clear: short-term noise may grab headlines, but the bigger forces shaping Bitcoin’s long-term trajectory are lining up in its favor.
