Bitcoin is trading around $61,300, recovering from recent lows but still sitting well below its all-time high. While the recent pullback has raised questions about the market’s direction, two of Bitcoin’s biggest supporters, Bill Miller IV and Michael Saylor, say the long-term outlook remains firmly intact, though for slightly different reasons.
Bill Miller: Rising Debt Keeps Bitcoin Relevant
Speaking in a recent interview, Miller Value Partners CIO Bill Miller IV said investors are focusing too much on Bitcoin’s short-term price and not enough on the economic backdrop supporting it.
He pointed to the Congressional Budget Office’s projection of a $1.9 trillion U.S. budget deficit, arguing that the government continues creating massive unfunded obligations every year.
“The fundamental case for Bitcoin has never been stronger. There are better ways to account for capital based on consensus, energy, and transparency. We’re still very optimistic over the long term.” Miller said.
Miller also rejected the idea that Bitcoin lacks a real use case. He noted that Bitcoin was created after the 2008 financial crisis as an alternative to unlimited money printing and believes that purpose remains even more relevant today.
He added that artificial intelligence could eventually become highly deflationary, forcing governments to print even more money to manage growing debt. In that scenario, Miller sees Bitcoin continuing to serve as a hedge against inflation.
Saylor: Strategy Doesn’t Need Bitcoin to Moon
While Miller focused on macroeconomics, Strategy Executive Chairman Michael Saylor explained why his company doesn’t need Bitcoin to deliver explosive gains to keep outperforming.
According to Saylor, many investors assume Strategy only works if Bitcoin surges 30% or more every year. He says that’s simply not true.
“I need Bitcoin to go up about 3%, not 30%. At 8% to 10% appreciation, our equity can outperform Bitcoin. At 15%, our stock could return 20% to 25%.” Saylor said.
Saylor said Strategy’s leveraged exposure creates an amplification effect, allowing shareholders to benefit even from moderate Bitcoin gains. He also highlighted the company’s flexibility through refinancing and new financial products, giving it multiple ways to grow beyond simply holding Bitcoin.
“The company has incredible optionality and operational flexibility. There’s a lot of things we can do.” Saylor said.
For both Miller and Saylor, the recent correction hasn’t changed the bigger picture. Miller sees Bitcoin as protection against rising debt and inflation, while Saylor believes steady long-term appreciation is enough to keep creating value for investors. Their shared message is that short-term volatility doesn’t weaken Bitcoin’s long-term investment thesis.
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