'Huge Bull': Investor Bill Miller Unfazed by Bitcoin's Recent Underperformance

Bitcoin currently trades near $93,750, a level that sits roughly 25% below its $126,080 peak reached in October 2025.

Bitcoin has so far struggled to reclaim the make-it-or-break-it $100,000 level, but Bill Miller IV, chief investment officer of Miller Value Partners and son of legendary fund manager Bill Miller III, says that he remains "a huge bull."

The Miller family's "digital gold" origins

The Miller family’s journey into Bitcoin is one of the most successful "early adopter" stories in institutional history.

Bill Miller III, a titan of value investing famous for beating the S&P 500 for 15 consecutive years, first encountered Bitcoin in 2012. 

Being inspired by a pro-BTC lecture, he allocated roughly 1% of his personal net worth at an average cost of just $200 to $700 per coin.

By early 2022, Miller III revealed that Bitcoin and other digital assets had grown to represent roughly 50% of his personal net worth. He described it as "insurance against a financial catastrophe" and the only economic entity where supply is completely unaffected by price.

Bill Miller IV followed in his father’s footsteps and became one of the most vocal proponents of the "Bitcoin as the denominator of capital" thesis. In a March 2025 interview, Miller revealed that he continues to buy Bitcoin every single day. "It's the last thing I'd ever sell," he said. 

Despite Bitcoin's underperformance, it seems like Miller's conviction has not budged. 

A "higher base" 

Miller IV’s current optimism is grounded in a "zoom out" philosophy. Despite Bitcoin trading near $93,750 (down approximately 25% from the $126,080 all-time high set in October 2025), he views the current price action as a healthy consolidation.

In a recent CNBC appearance, Miller IV argued that Bitcoin has established a "higher base" than it did in the spring of 2025. He pointed to three "massive tailwinds" for 2026.

Miller noted that the transition of capital markets to blockchain infrastructure is a "whole new ballgame" for the utility of the flagship coin.

Miller also reminded investors that Bitcoin has never closed two consecutive years in the red. However, this historical trend could be broken this year.