Bill Miller IV, chairman and CIO of Miller Value Partners, has made a striking projection: Bitcoin could soar to an extraordinary $1.7 million per coin if it secures recognition as a “digital gold.” This bold assertion arises during a period of unprecedented highs for traditional gold, prompting skepticism regarding any direct relationship between the precious metal and the leading cryptocurrency. However, Miller contends that this very lack of correlation is the crux of his argument.
The ambitious price target of $1.7 million for Bitcoin stems from a market capitalization equivalence calculation. For Bitcoin to capture gold's entire monetary premium, it would need to multiply its current value by approximately nineteen times. This declaration follows a recent divergence in the performance of the two assets. Gold experienced a significant surge in 2026, primarily fueled by central bank acquisitions and geopolitical hedging strategies. In stark contrast, Bitcoin's price trajectory has been subdued, struggling to reclaim even the $90,000 threshold.
Despite Bitcoin's recent subdued performance, Miller maintains a positive outlook on the cryptocurrency. He underscores the historical absence of a direct link between Bitcoin and gold, asserting that Bitcoin transcends the simple label of “digital gold” and possesses distinct characteristics that warrant a unique valuation. His prediction signals a potential paradigm shift in how Bitcoin is perceived within the financial landscape. Should Bitcoin attain the status of “digital gold,” it could trigger an immense escalation in its worth, potentially reaching the $1.7 million mark per coin. Such a dramatic increase from its present levels would have profound implications for the broader cryptocurrency market, reshaping investment strategies and market dynamics.
Nevertheless, this forecast also brings into sharp focus the current divergence between Bitcoin and gold. While gold has enjoyed a recent rally, Bitcoin has struggled to regain its previous momentum. This disparity suggests that, at least for the foreseeable future, these two assets are charting different paths in the global financial arena. The path to Bitcoin becoming digital gold is complex and involves overcoming market volatility, regulatory hurdles, and widespread adoption challenges. The investment community will be keenly observing whether Miller's vision for Bitcoin's transformative role materializes, potentially ushering in a new era for digital assets.