Bill Miller IV says stop trading Bitcoin on Fed meetings, it’s a $1.6 million coin
The Federal Reserve just raised rates for the first time since 2023, gold has beaten Bitcoin for a year, and the Senate just killed crypto’s biggest bill. Bill Miller IV, chief investment officer at Miller Value Partners, looked at all of it and put a gold-parity price on Bitcoin anyway.
"If Bitcoin traded at gold's same value, it would be up 20x from here, roughly," Miller told TheStreet Roundtable. “So it'd be $1.6 million a coin. So for me that's intrinsic value."
Gold’s market cap is about $31.8 trillion, while Bitcoin’s is only $1.6 trillion, roughly 5% of gold’s. Closing that gap puts one coin near $1.66 million.
Related: Analysts move Solana to No. 7 on Roundtable 100
A hike, failed bill, and a rally anyway
Miller was speaking into an unusual week. The Clarity Act failed a Senate cloture vote 49-50 on Sept. 15. The next day, the Fed voted 12-0 to raise its benchmark rate a quarter point to 3.75%-4.00%, with Chair Kevin Warsh saying inflation “is too high and has been for too long” and the committee projecting one more hike in December.
Bitcoin, usually seen as a liquidity-sensitive asset, rose more than 6% on the week anyway, though it remains about 30% below its October record of $126,000.
Miller’s explanation is that Bitcoin was never a bet on the next meeting.
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"I think they should think about Bitcoin as a representation of stability of process around capital," he said. "There hasn't really been stability of process around capital other than more and more of it's going to need to be created to fulfill all of these promises the politicians make."
He pointed to the deficit, which has ballooned to $1.8 trillion through 10 months of fiscal 2026 and is on pace to top $2 trillion.
"(The deficit is) roughly the same market cap as Bitcoin," he said. "We have to make up new units the entire size of the Bitcoin market cap just from this year."
More news:
Better than gold at 5% of the price
On gold, Miller argued the discount is a mispricing.
Bitcoin is “better than gold, but it trades at a fraction of the valuation,” he said, citing “transparency, supply curve visibility, portability, security, you name it.”
Gold’s 18% gain over the past year, he said, fits a pattern of “cycles lasting roughly 12 to 14 months” in which gold leads before Bitcoin reasserts itself.
Why has it taken 17 years for Bitcoin to capture just 5% of the gold market?
"It took a hundred years for modern plumbing to go from possibility to ubiquitous," Miller said. "So we should expect this to continue to take a long time. It's taking a long time, but it's also been an amazing place to park capital."
Miller made the same case to TheStreet Roundtable in 2024, when Bitcoin’s market cap was $1.3 trillion and he called gold parity “baked in the cake.”
This story was originally published by TheStreet on Sep 22, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
