I expect bitcoin will breakout to new high since fall 2025: Miller Value Partners' Bill Miller

Summary

CNBC's Scott Wapner interviews Bill Miller IV of Miller Value Partners about the crypto playbook for 2026. Miller says bitcoin is at a major inflection point and expects it to break above its prior all-time high, citing regulatory clarity, on-chain capital markets, technicals, and the debasement trade. He also favors Strategy as a leveraged bitcoin proxy trading near NAV and calls Figure Technology Solutions an extremely cheap leader in real-world asset tokenization. Venezuela's impact is dismissed as a long-run blip.

• Bill Miller IV remains bullish on bitcoin and expects a breakout above the fall all-time high.
• He cites regulatory clarity, on-chain capital markets, technicals, and debasement as supports.
• Strategy is defended despite a 58% six-month drop because it trades near NAV and adds bitcoin leverage.
• Figure Technology Solutions is praised as a real-world asset tokenization leader with 75% market share and large HELOC originations.
• Venezuela-related disinflation is treated as a short-term blip, not a durable macro trade.
• The interview frames the 2026 crypto playbook around bitcoin, tokenization, and regulatory tailwinds.