Miller Stays Bullish on Bitcoin Despite Low Sentiment
Bill Miller IV says Bitcoin's addressable value exceeds its current market cap, even as sentiment sits near FTX-era lows.
Updated on Nov. 13, 2026 in Investing
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Bill Miller IV, Chairman and CIO of Miller Value Partners, says he remains bullish on Bitcoin. Bitcoin rose from about 63K to 87K before falling back to 68K within months, a swing Miller describes as volatility.
Why it matters
Miller's view runs against prevailing sentiment, which is near FTX-era lows, and he argues Bitcoin's addressable value is above its current market cap. For investors in the international market, the comments add a bullish voice to a period of weak sentiment and sharp price swings.
Bitcoin climbed from about 63K to 87K before retreating to 68K within months, and its supply grows at 80 basis points a year. The timing of the swing and the method behind Miller's addressable-value estimate were not specified.
The players
Bill Miller IV
Bill Miller IV is Chairman and CIO of Miller Value Partners, an investment firm, and is known for his long-running public commentary on markets and asset valuation.
The details
Miller argues Bitcoin's addressable value exceeds its market cap using a gold analogy, and compares its supply growth to gold's supply dynamics. He states that volatility is the price of owning assets that perform well over time.
Timeline
Within months: Bitcoin moved from about 63K to 87K and back down to 68K.
Market Dynamics
Current sentiment toward Bitcoin is near the lows recorded during the FTX collapse, which makes Miller's bullish stance a contrarian reading of the market. His argument that supply growth and addressable value support the asset echoes gold-style valuation reasoning used by long-term investors.
Investors weighing Bitcoin exposure face a wide price range, with the asset having moved from 63K to 87K and back to 68K within months. Miller's comments highlight that position sizing and tolerance for volatility are central decisions for anyone considering the asset.
The takeaway
Price swings of this size are a reminder that sentiment and valuation can diverge for long periods. Investors should weigh their own time horizon and risk tolerance before acting on any single view.
Further reading
Explore more on Investing for context on asset valuation and market cycles.
Source note: This article includes information reported by Bitcoin Magazine.
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