Bill Miller: Bitcoin Could Hit $1.7 Million If Recognized as ‘Digital Gold’

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.