Bitcoin is currently trading around $93,750, about 25% below its October 2025 peak of $126,080.
Bitcoin has struggled so far to regain the make-or-break $100,000 level, but Bill Miller IV, chief investment officer at Miller Value Partners and son of legendary fund manager Bill Miller III, says he remains a “huge bull.”
The origin of the Miller family’s “digital gold”
The Miller family’s commitment to Bitcoin is one of the most successful “early adopter” stories in the organization’s history.
Bill Miller III, the value investing titan famous for outperforming the S&P 500 for 15 consecutive years, first discovered Bitcoin in 2012.
Inspired by a speech by a BTC proponent, 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 account for approximately 50% of his personal net worth. He described it as “insurance against financial catastrophe” and the only economic entity whose 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 a denominator of capital” theory. In an interview in March 2025, Miller revealed that he continues to purchase Bitcoin every day. “This is the last thing I want to sell,” he said.
Despite Bitcoin’s lackluster performance, Miller’s belief remains intact.
“Higher base”
Miller IV’s current optimism is based on a “zoom out” philosophy. Despite Bitcoin trading around $93,750 (down about 25% from its all-time high of $126,080 in October 2025), he views the current price movement as healthy.
In a recent appearance on CNBC, Miller IV claimed that Bitcoin has established a “higher base” than it did in the spring of 2025, and pointed to three “big tailwinds” in 2026.
Miller noted that the transition of capital markets to blockchain infrastructure is a “whole new ball game” for the utility of flagship coins.
Miller also reminded investors that Bitcoin has never closed in the red for two consecutive years. However, this historical trend may break this year.
