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.
He argued that Bitcoin and gold respond to different market triggers despite overlapping narratives around hard money.
Miller added that short-term price weakness does not alter Bitcoin’s long-term monetary potential.
According to coverage by U.Today, Miller recently reiterated that he remains bullish on Bitcoin despite recent underperformance.
He said Bitcoin’s fixed supply and global liquidity profile support higher valuations over time.
Miller’s comments come as investors debate whether Bitcoin still qualifies as digital gold.
Cathie Wood has also pushed back against the idea that Bitcoin is only a gold substitute.
Wood said Bitcoin still has “miles to go” before matching gold’s role and scale in global markets.
She described current price levels as an early entry point rather than a ceiling.
Wood argued that Bitcoin uniquely functions as both a risk-on and risk-off asset depending on macro conditions.
She added that Bitcoin’s mining constraints make it harder money than gold over the long term.
Wood’s view aligns with Miller’s belief that Bitcoin’s value proposition extends beyond short-term correlations.
At the time of reporting, Bitcoin price was $88,478.88.