If the market truly viewed Bitcoin as the digital equivalent of gold, the price of a single coin would not be struggling to reclaim $100,000.
In fact, according to Bill Miller IV, the chief investment officer at Miller Value Partners, the leading cryptocurrency would be trading near $1.7 million.
Now that gold is hitting record highs, critics have been quick to declare the correlation dead. Miller, however, argues that the lack of correlation is exactly the point.
The $1.7 million math
Miller’s hypothetical price target is derived from a simple market cap parity calculation.
If Bitcoin were to capture gold’s entire monetary premium, the price per coin would need to rise approximately 19x from current levels.
Miller’s post comes after the recent divergence between the two assets. Gold experienced a massive rally in 2026, which was driven by central bank buying and geopolitical hedging. In the meantime, Bitcoin's price action has been extremely underwhelming, with the cryptocurrency struggling to reclaim even the $90,000 level.
However, Miller pointed to the historical lack of correlation between the two.
"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?" he said.
As reported by U.Today, Miller recently confirmed that he remained bullish on Bitcoin despite the recent underperformance.
More than digital gold
Ark's Cathie Wood also recently dismantled the narrative that Bitcoin is merely "digital gold."
Wood believes Bitcoin has "miles to go" just to catch up to gold. She views the current price as an early entry point.
She also argues that Bitcoin is the only asset in the world that functions as both a risk-on and a risk-off asset.
Finally, Wood argues that Bitcoin is actually harder money than gold due to the physics of mining.
Denys Serhiichuk
Alex Dovbnya
Tomiwabold Olajide