Bill Miller once held BTC for the long term, such that Bitcoin and related investments made up about half of his personal net assets. Note that this wasn’t him suddenly putting 50% of his wealth into BTC at some peak price; rather, he began buying as early as around 2014, when BTC was about $200, then held it long-term. As BTC rose, the proportion of his assets naturally increased significantly. So why was he willing to hold it for the long term? The core reason is his assessment of the value of the BTC network. He believes that BTC’s fixed supply, its ability to move globally, and network effects give it a value-preserving attribute distinct from traditional assets. In 2026, Miller Value Partners is still discussing BTC’s long-term value, and believes you can’t simply evaluate a decentralized monetary network using traditional cash-flow models. However, Miller’s case also reminds us: being bullish long-term and not being volatile in the short term are two different things. Throughout Bitcoin’s history, it has experienced drawdowns of more than 50% multiple times. So the real challenge isn’t determining whether BTC has long-term value, but whether one can withstand the massive price volatility that comes with long-term investing. For today’s market, Bill Miller’s view is more worth studying as a long-term asset rationale than simply understanding it as a short-term buy signal.