Bill Miller IV said Bitcoin (CRYPTO:BTC) would trade near $1.7 million per coin if markets fully recognised it as the digital equivalent of gold.
Miller explained that the estimate assumes Bitcoin captures the entire monetary premium currently assigned to gold.
He noted that achieving parity with gold’s market capitalisation implies roughly a 19x increase from current Bitcoin price levels.
Miller argued that Bitcoin’s struggle to reclaim the $100,000 level does not invalidate the digital gold thesis.
He said recent criticism stems from gold hitting record highs while Bitcoin remains range bound.
Miller pointed out that gold’s 2026 rally has been fuelled by aggressive central bank buying and geopolitical hedging demand.
Bitcoin, by contrast, has seen muted price action and has struggled to hold above $90,000 during the same period.
Miller said this divergence is often misread as a failure of correlation rather than proof of independence.
“Wrong – the correlation between BTC and gold over the past decade is 0.09 (none). Why would you expect it to move at the same time?” Bill Miller IV said.