Bill Miller, Michael Saylor Stay Bullish on Bitcoin's Long-Term Prospects

Bitcoin has rebounded to around $61,700 after sliding to below $58,000 in recent trading, though it remains far from its all-time high. The pullback has fueled fresh debate over where the market heads next, but two well-known Bitcoin advocates, Bill Miller and Michael Saylor, say the longer-term case is still intact. In comments to CNBC, Bill Miller of Miller Value Partners said investors are making what he called a major error by fixating on short-term price moves instead of the broader backdrop that underpins Bitcoin's appeal. "The underlying reasons for Bitcoin have never been stronger. We remain very optimistic in the long term," he said. Addressing criticism that Bitcoin lacks a real-world use case, Miller argued that BTC emerged as a response to unchecked money creation in the wake of the 2008 financial crisis, a rationale he believes is even more relevant today. He also pointed to a growing narrative that AI could be highly deflationary, potentially prompting governments to print more money to manage rising debt burdens. In that environment, he said, Bitcoin can continue to function as an inflation hedge. Michael Saylor, a longtime Bitcoin bull, offered a more operational view. Speaking to CNBC, Saylor said his company, Strategy, does not require Bitcoin to post explosive gains to keep beating competitors. He pushed back on the idea that Bitcoin must rise 30% annually for the firm's Bitcoin-centric approach to work and for its stock to be profitable. "Bitcoin needs to rise by about 3%, not 30%," Saylor said. He added that with an 8% to 10% increase in Bitcoin's value, the company's shares could outperform Bitcoin, and with a 15% increase, the stock could deliver roughly 20% to 25% returns. "The company has an incredible range of options and operational flexibility. There's so much we can do," he said. *This is not investment advice.