Bitcoin Could Surpass 2025 All-Time High, Bill Miller Predicts

Highlights:

• Miller sees Bitcoin’s strength coming from the economy, not world events.
• He notes Bitcoin follows long-term money trends over centuries of disinflation.
• Miller said recent trading shows Bitcoin could climb to new record highs soon.

Bitcoin is again drawing interest after a difficult period in 2025. Bill Miller IV, chief investment officer at Miller Value Partners, shared his view on CNBC, saying the market appears ready for another advance as signals from policy and large companies grow more supportive.

Bill Miller Sees Bitcoin Strength in Long-Term Cycles and Softer Regulation

Miller said recent price action suggests BTC is building a stronger base. He pointed to friendlier policy signals and wider acceptance among major firms as signs that conditions are shifting. In his view, current behavior fits a longer cycle rather than a short-term reaction. Conversation around Venezuela did not change his outlook. Miller downplayed any lasting influence from developments tied to that country. “Well, I think Venezuela is going to be a blip on the radar in the long run,” he said, placing attention on broader economic forces.

Miller presented Bitcoin as part of long-term monetary behavior, not a short-term trade. Instead, he viewed its value through centuries of money history, rather than daily price changes. In this way, Bitcoin does not sit outside older ideas about money. It fits within them over time.

He also pointed to centuries of disinflation shaping economies, which, in his view, makes Bitcoin worth holding today. Miller suggested markets may be near a turning stage, with signs that direction could already be shifting. He further hinted that the regulatory mood has softened over the past year. Guidance now appears less strict than before. At the same time, wider use of blockchain in finance has begun to shape how investors judge future price trends.

Miller said recent trading activity supports his broader view. He implied the market looks ready for another push higher. In his words, Bitcoin may still have room to set a new record if current strength holds. He did not show concern about the pullback seen last year.

Miller also explained how he prefers exposure through public markets. Strategy, known for building large Bitcoin holdings using leverage, came up after its stock pulled back sharply in recent months. He said the stock now trades close to net asset value. Miller does not expect a heavy downside from current levels. Such pricing may offer upside if Bitcoin sentiment improves across the market. Leveraging inside Strategy’s structure could allow stronger performance during risk-on phases. Miller described this approach as a way to gain exposure without holding Bitcoin directly.

At present, Bitcoin trades close to $93,778. Data from CoinGecko shows the price is still about 25.6% below the peak of $126,080 reached on October 6. Even so, Bitcoin has posted a gain of roughly 7.1% so far in 2026.

BTC Recovery Gains Momentum with Institutional and Government Support

A separate CNBC interview further supported this view. Fundstrat Capital chief investment officer Tom Lee said Bitcoin entered 2026 with several positives already in place. He implied that leverage had largely reset after a sharp market shock in October. Since then, he sees continued institutional interest. He also noted that Wall Street is still developing blockchain-based products, while support from the US government has become more visible.

Lee described these factors as helping Bitcoin recover during the year. He did not share a new price target for 2026. However, he had said in mid-December that Bitcoin could set a new high by the end of January.