Bill Miller IV, chairman and CIO of Miller Value Partners, suggests that Bitcoin (CRYPTO: BTC) could skyrocket to an astonishing $1.7 million per coin if it gains recognition as ‘digital gold’.
Miller’s statement comes amidst a period when gold is reaching record highs, leading skeptics to question any correlation between the precious metal and the top-ranking cryptocurrency. However, Miller argues that the absence of correlation is precisely the point.
The proposed price target of $1.7 million for Bitcoin is derived from a market cap parity calculation. If Bitcoin were to seize the entire monetary premium of gold, it would need to surge about 19 times from its current levels.
This statement follows a recent divergence between the two assets. Gold witnessed a significant rally in 2026, driven by central bank buying and geopolitical hedging. In contrast, Bitcoin’s price performance has been lackluster, struggling to regain even the $90,000 mark.
Despite Bitcoin’s recent underperformance, Miller remains optimistic about the cryptocurrency. He highlights the historical lack of correlation between Bitcoin and gold, asserting that Bitcoin is not merely “digital gold”.
Why It Matters
Miller’s prediction is significant as it suggests a potential paradigm shift in how Bitcoin is perceived. If Bitcoin is recognized as ‘digital gold’, it could lead to a massive surge in its value, potentially reaching $1.7 million per coin. This would represent a significant increase from its current levels and could have profound implications for the cryptocurrency market.
However, this prediction also highlights the current divergence between Bitcoin and gold. Despite gold’s recent rally, Bitcoin has struggled to regain its footing. This divergence suggests that, at least for now, the two assets are moving in different directions.
Recent Comments