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Bitcoin, the leading cryptocurrency, has recovered to $61,700 after recently falling as low as below $58,000. However, it remains well below its all-time high.
While the recent pullback has raised questions about Bitcoin and the market’s direction, two prominent Bitcoin supporters, Bill Miller and Michael Saylor, say the long-term outlook remains strong.
Speaking to CNBC, Bill Miller of Miller Value Partners argues that investors are making a big mistake.
At this point, Miller says that investors are focusing too much on Bitcoin’s short-term price and not paying enough attention to the economic environment that supports it.
“The underlying reasons for Bitcoin have never been stronger. We remain very optimistic in the long term.”
Defending claims that Bitcoin lacks a real use case, Miller states that $BTC was created as an alternative to unlimited money printing after the 2008 financial crisis, and that this purpose is even more valid today.
Miller noted that a recent popular narrative suggests AI could become highly deflationary, forcing governments to print even more money to manage rising debt, but added that $BTC will continue to serve as a hedge against inflation.
A 3% Rise in Bitcoin Is Enough!
While Miller approaches Bitcoin from a macroeconomic perspective, the big bull Michael Saylor takes a more pragmatic approach.
At this point, Saylor stated that his company, Strategy, doesn’t need Bitcoin to experience an explosive rise to continue outperforming its competitors.
Speaking to CNBC, Saylor argued that many investors believe Bitcoin needs to rise by 30% every year for the company’s Bitcoin strategy to work and for its stock to become profitable, but that this is absolutely not true.
“Bitcoin needs to rise by about 3%, not 30%. With an 8% to 10% increase in value, our stocks could outperform Bitcoin. With a 15% increase, our stocks could yield a 20% to 25% return.”
The company has an incredible range of options and operational flexibility. There’s so much we can do.”
*This is not investment advice.